Prices of fuel to witness 7% upward adjustment from October 16

• Fuel prices are expected to increase by at least 7%

• The adjustment is expected to take place in the next pricing window

• The increase will take place from October 16, 2021

Prices of petroleum products are expected to witness an upward adjustment by at least 7 percent at the various pumps from October 16,

Read full article2021, Joy Business has reported.

This comes after media reports indicated that fuel prices would from Friday October 15, 2021, be revised.

But a Spokesperson for the Oil Marketing Companies (OMCs) said the fuel price revision is expected to take place at the start of the next pricing window.

Kwaku Agyemang Duah in an interaction with Joy Business said, “we are just ending the current price window on October 15 and start on the 16th of October”

To corroborate the move, Mohammed Abdul-Kudus, Communications Manager at the National Petroleum Authority said, “we at the [NPA] are looking at the next pricing window. That is from October 16, this Saturday.”

Meanwhile, President Nana Addo Dankwa Akufo-Addo on Monday October 11, 2021 granted approval to zero the Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for a period of two months.

The move is expected to cushion consumers from the increasing hike in prices of petroleum products.