Business News of Wednesday, 24 November 2021
Source: www.ghanaweb.live
2021-11-24Fuel prices to drop by December 2021 - NPA
National Petroleum Authority
Ghanaians are to expect some cushioning in the next pricing window
Government blamed for the incessant increase in fuel prices
Transport operators have threatened to strike over high fuel prices
Head of Pricing at the National Petroleum Authority, Abass Ibrahim Tasunti, has assured of some price reduction in fuel prices in the next pricing window in December 2021.
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According to him, Ghanaians would enjoy some cushioning after many months of upward adjustments of fuel prices due to the increasing rate of petroleum products on the international market.
“We have seen the international market and we believe prices would come down by the next pricing window. Ghanaians should thus expect price reduction in the next window,” he said in an interview with 3FM.
The next pricing window is expected to be in the first week of December this year.
Meanwhile, Executive Director for the Institute for Energy Security (IES), Nana Amoasi VII, in an interview with Citi Fm on Tuesday, November 23, cited poor governance and policies by government as a major factor of the increase in petroleum prices.
He said Ghanaians should be buying fuel at GHC6 per litre if government or managers of the economy do the right things.
According to him, the depreciation of the cedi against the dollar significantly affects the price of fuel in Ghana, but a lot of other variables come into play in setting prices of petroleum products, which he believes government’s intervention can help solve.
“If we can and we understand fuel prices work, the price for fuel should not sell for more than 6 cedis per litre,” he said.
He further stated that Nana Amoasi VII said the seven taxes and levies imposed on petroleum products in the country culminates into about GH¢ 2 per litre a situation he describes as disturbing.
Prices of fuel in Ghana have experienced an upward surge in recent times.
Currently, a litre of petrol and diesel are selling between GH¢6.85 per litre for Goil, GH¢6.99 for others, depending on the Oil Marketing Company (OMC).
Ghanaians have lamented the possibility of the price of fuel hitting ¢7.00 per litre before the end of 2021, calling on government to revise the petroleum levies.
