Prices of petroleum products will go up between 15 and 20 percent from this morning. The increases according to the National Petroleum Authority are influenced by the government’s decision to withdraw subsidies on the products from next year.
Fuel prices at the pumps are based on an initial world market price of $92 per barrel. The increase is therefore expected to reflect the current world price of about $107 dollars.
The Chief Executive Officer of the National Petroleum Authority, Mr. Alex Mould told Joy News the review which the government has asked that it be passed to the consumer, has been long overdue.
“As you are aware crude oil prices when the last price build up was done was on the 4th of January 2011 and for one year, the government has been able to keep stable the price at the pump and I believe it is in that respect that the review be done and the price passed on to the consumer for full cost recovery.”
Mr. Mould added that the authority has published a comprehensive list of new transport fares to prevent the usual confrontations between transport operators and passengers when revised fuel prices are announced.
Government projects it will spend nearly GH¢600 million on subsidizing petroleum products for this year alone. Though there is a hedging policy to cushion consumers, it only caters for 50 percent of the country’s monthly consumption.
Per the NPA’s calculations, the maximum petroleum products pump prices are as follows and gives the oil marketing companies room to sell below the quoted prices depending on their marketing strategies.
Petrol GHp175.48 per litre, up 15%
Diesel GHp177.09 per litre, up 15%
Kerosene GHp91.00 per litre (unaffected)
LPG GHp136.19 per kg, up 30% (A 12.5kg cylinder will now sell at GHS17.02 and 14.5kg cylinder will sell at GHS19.75)
Premix GHp54.27 per litre (unaffected)
RFO GHp83.93 per litre (unaffected).
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