Effective 5th May 2021, the National Petroleum Authority has reduced the margin on the price of fuel by 8 pesewas. This follows the implementation of the newly introduced tax policy on fuel which saw fuel prices rise by 17 pesewas per litre.
Fuel price Increase and adjustment – NPA
In a communique dated May 4 by the NPA:
“At a meeting held at the Ministry of Energy earlier today between the Hon. Minister for Energy and the National Petroleum Authority (NPA), the Association of Oil Marketing Companies (AOMCS), Bulk Oil Storage and Transportation Co Ltd (BOST), the Chamber of Petroleum Consumers (COPEC), the Institute for Energy Policies and Research (INSTEPR), it has been agreed as follows;
The 17 pesewas per litre increase in fuel margins previously announced by the NPA has been reduced to 9 pesewas per litre effective tomorrow Wednesday 5th May 2021.”
Full statement is below
Fuel prices at the pump which sold at an average price of GHS 4.7 per litre in December of 2020, have risen significantly over the past few months.
Fuel Price Increase and adjustment – Reactions
As of 4th May, with the latest adjustments of levies and margins, fuel price at major Oil Marketing Companies (OMC) such as Total, Goil and Shell was GHC6.13 per litre. With the slight reduction by 8 pesewas per litre, fuel prices will be averaging at GHC6.05 per litre.
At the revised fuel price of GH¢6.05, Ghanaians will be paying around GH¢22.92 for a gallon of fuel.
The continuous price hikes in fuel prices accompanied by other social issues such as the erratic power supply and graduate unemployment rate has set off a series of uproar leading to the establishment of the hashtag #FixTheCountry and #FixTheCountryNow.
A social media user wrote: “In late December 2020, fuel price was around GH¢4.7 but now GH¢6.1. Why? #FixTheCountryNow.”
“I have to spend GH¢100 fuel everyday to drop the kids at school and pick them after school #FixTheCountryNow,” a Twitter user said.
“In just 4 months, fuel prices have been increased 7 good times and you want us to laugh…#FixTheCountryNow,” another Twitter user said