IMF not behind fuel price increase - NPA

The Spokesperson for the National Petroleum Authority, Yaro Kasambata has dismissed reports that the 9 percent increase in petroleum products are as a result of the conditionalities attached to the International Monetary Fund programme.

Speculations are rife that a 100 basis point interest rate rise by the Bank of Ghana on Wednesday to 22 percent and the 9 percent increase in the prices of petroleum products are to demonstrate to the IMF that government is committed to fully implementing the three-year programme.

But speaking to Fiifi Banson, host of Anopa Kasapa on Kasapa 102.3FM Monday, Kasambata described the claims as untrue.

According to him, the increase in petroleum prices is as a result of the increment of crude on the international market.

The NPA argued that crude oil has gone up by 34 percent, petrol by 37 percent; diesel went up by 36 percent and LPG by 43 percent since February making it difficult for Ghana to maintain or reduce fuel prices.