The research and pricing officer at the Chamber of Petroleum Consumers (COPEC), Mr. Sampson Addae, has hinted that, fuel price will increase in the next pricing window if the cedi continue to depreciate.
Speaking on Plan BFM’s late afternoon show EBAANOSEN hosted by Ohene Kinnah, Mr. Addae explained that, if the government remove some taxes from Petroleum products the price will go down but if government maintains levies and taxes petrol will keep rising.
Meanwhile, the Government of Ghana has backtracked on its earlier decision that suspended the inclusion of Price Stabilisation and Recovery Levy (PSRL), one of the levies on petroleum products, for three months effective April 1, 2024.
The suspension of PSRL was intended to cushion consumers from paying high costs of fuel at the pumps due to rising global prices.
However, a letter signed by the Deputy CEO of NPA, Perry Okudzeto, to all the players in the oil marketing companies and Liquefied Petroleum Gas Companies (LPGMCs) mentioned that there has been a follow-up directive, hence, the PSRL has been revised.
“All Oil Marketing Companies (OMCs) and Liquefied Petroleum Gas Companies (LPGMCs) are to take note of the above revision of the PSRL and apply them in the Price Build Ups effective 4th April 2024,” a portion of the letter read.
The PSRL on petrol is 16 pesewas while that on diesel and LPG is 14 pesewas respectively.
Some OMCs on Wednesday began adjusting their pump prices upward.
TotalEnergies, Shell, Star Oil and Petrosol adjusted their pump prices
However, given the new development, all the companies would be adjusting their pump prices again today, Thursday.
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