Ghana fuel price: Why fuel prices dey increase again for de second time in one month
Wia dis foto come from, Felix Kwakye Ofosu/Facebook
Fuel prices for Ghana go shoot up again after govment announce say dem dey restore de Price Stabilization Recovery Levy (PSRL) on petroleum products.
According to National Petroleum Authoruty (NPA) inside statement wey dem release, dis go take effect from February 1.
"We go like inform all Oil Marketing Companies (OMCs) den LPG Marketing Companies (LPGMCs) say effective 1st February, 2022... restored PSRL be 16 pesewas per litre on petrol, diesel den LPG too be fully restored" dem add.
De PSRL be source of revenue for payment of subsidies on premix fuel, sake of that perpetual removal go affect payment of subsidies.
Govment remove de PSRL from de price build up on fuel last year for two months.
Although dis intervention end on 31st December, 2021, govment san extend am by one more month wey end on January 31, 2022.
Dis increase in fuel price de come at time Ghanaians across de country currently dey anticipate outcome of newly proposed electronic transactions levy wey govment wan introduce.
De 1.75% e-Levy on mobile money transactions which dey exceed Ghc100 dey divide heads between majority and minority for parliament.
End of Di one wey oda users dey read well well
Whilst majority dey push for implementation of de levy, minority dey stage strong opposition against am to date.
Price changes for various pumps
Based on de current directive from de National Petroleum Authority, some Oil Marketing Companies start dey reflect new fuel prices.
Dis directive move de price of petrol from around Ghc 6.99 per liter to some Ghc7.13 per liter.
Weak nature of Ghana cedi make fuel prices dey go up?
Fuel prices dey up based on some external factors.
Executive Secretary of Chamber of Petroleum Consumers (COPEC), Duncan Amoah talk BBC Pidgin say dis be due to cedi depreciation.
He explain say sake of de weak cedi, more cedis dey chase dollars to procure fuel.
As a result dis dey cause price increases in fuel for Ghana.
"Dis be largely sake of de cedi depreciation. A week ago you fit get de dollar for Ghc6.23 but now e dey around $6.40."
"If we no control de currency depreciation, Ghanaians go suffer for it at de pump" he add.
Taxes on petroleum products
Apart from de weak nature of de cedi, de tax components which dey on fuel products dey make prices for Ghana high.
According to Mr Amoah, "we as COPEC submit memo give dem on how dem fit manage taxes at dis time when international prices be high."
"But unfortunately de Finance minister read de budget but no mention anything on de problem of fuel prices" he reveal.
De latest Price Stabilization Recovery Levy wey govment restore on every liter of fuel be one of de many other levies which dey increase prices for Ghana.
