Fuel prices to increase again before end of this month – NPA projections reveal

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The National Petroleum Authority (NPA) has disclosed that prices of fuel at the various pump may increase again before the end of October.

According to the projections by the NPA, fuel prices in the country may surge close to GH¢ 6.86 per litre at the pumps if all other factors influencing pricing do not change.

Speaking on Accra-based Citi TV which was monitored by ABC News, the Head of the Pricing Unit at NPA, Abass Ibrahim Tasunti explained that their projections for the second pricing window for October puts the price of petrol at GH¢6.84 per litre while diesel will likely sell at GH¢6.86 per litre starting October 16, 2021, baring any changes on the world oil market.

He added that these projections do not take into account the margins of oil marketing companies and that of the bulk distribution companies, which may cause the projected amounts to go higher while statutory taxes and margins remain the same.

“All things being equal, for the next window, [since] the price of petrol on the world market has increased by about 9% and diesel has increased by about 10%, so these two, holding everything constant will project that petrol will increase by about 5% and diesel also increase around the same figure which will take us to about GH¢6.84 for petrol and GH¢6.86 for diesel… This is the next window, which starts from the 16th of October,” he said.

 

SourceABC News

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