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Business News Thu, 17 Feb 2022

Fuel prices nearing the GH¢8 mark, sells at GH¢7.99

Total takes lead to sell fuel at GH¢7.99

Fuel prices increase third time in 2022

Fuel price increase due to international crude price, depreciation, others


Some oil marketing firms have begun increasing fuel prices at the pumps as projected by analysts.

Total oil has taken the lead to increase its prices to sell a litre of diesel and petrol at GH¢7.99.

This upward adjustment was expected as COPEC and the Institute of Energy Security warned of an increase for the third time this year by mid-February.

This, experts say is a result of rising crude oil prices on the international market. The price of crude oil is presently going for about $93.39 on the world market.

It could also be attributed to the re-introduction of the Price Stabilization and Recovery Levy (PSRL) on fuel prices which were suspended last year.

In a statement dated January 31, 2022, the NPA stated that the restoration has become necessary to afford the sector financial muscle to subsidize the supply of petrol, diesel, and LPG.

“We hereby, wish to inform all Oil Marketing Companies (OMC) and LPG Marketing Companies (LPGMC) that effective 1st February 2022, the PSRL on petrol, diesel, and LPG have been fully restored,” the Chief Executive Office for NPA, Mustapha Hamid disclosed.

He continued, “all Oil Marketing Companies (OMC’s) and Liquefied Petroleum Gas Companies (LPGMs) are to take note of the above and apply them in their PBU accordingly.”

However, some OMCs, largely the smaller ones are yet to increase their prices at the pumps.
Source: www.ghanaweb.com
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