The National Petroleum Authority (NPA) has raised concerns that fuel prices in the nation might experience another surge before the end of October. Projections provided by the NPA suggest that if the existing factors influencing pricing remain unchanged, fuel prices could rise to approximately GH¢ 6.86 per litre at gas stations.
Abass Ibrahim Tasunti, the Head of Pricing at the NPA, revealed that the second pricing window for October indicates a potential price of GH¢ 6.84 per litre for petrol and around GH¢ 6.86 per litre for diesel, starting from October 16, 2021. These projections are subject to alterations in the global oil market.
It is important to note that these projections exclude the profit margins of oil marketing companies and bulk distribution companies, which could potentially elevate the anticipated prices. Statutory taxes and margins are expected to remain constant.
Tasunti explained, “Assuming no significant changes, in the upcoming window, due to a 9% increase in the global petrol price and a 10% increase in diesel prices, we can expect a projected rise of around 5% for petrol and a similar increment for diesel, resulting in estimated prices of GH¢ 6.84 for petrol and GH¢ 6.86 for diesel. This forecast is applicable for the window starting on October 16.”
Duncan Amoah, the Executive Director of the Chamber of Petroleum Consumers (COPEC), has expressed concerns that fluctuations in foreign exchange rates could further contribute to fuel price hikes, potentially pushing prices up to at least GH¢ 7 by the end of the month.
Amoah emphasized that government-imposed taxes on petroleum are significant contributors to the escalating fuel costs. He called for government intervention to alleviate the burden on citizens.
He remarked, “If the current projection is GH¢ 6.8, we’re merely 14 pesewas away from reaching GH¢ 7. If the current trend continues and the cedi faces the usual pressure toward the end of the quarter due to import-related factors, it’s not far-fetched to expect GH¢ 7 before November.”
As uncertainty looms over fuel prices, consumers and stakeholders anxiously await developments that could impact their pocketbooks and daily lives.
Source : npa.gov.gh