The National Petroleum Authority (NPA) has reduced the margin on the price of fuel by 8 pesewas per litre.
Following the implementation of the newly reviewed taxes on fuel, the margin on prices of petroleum products went up by 17 pesewas per litre.
But the NPA after a meeting with stakeholders in the industry reduced the 17 pesewas margin to 9 pesewas.
This is to take effect on Wednesday, May 5, 2021.
“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, May 5, 2021”, the NPA said in a statement.
The government proposed a 5.7 per cent increment in prices of petrol and diesel as part of new levies it is imposing on Ghanaians.
Until the recent increment, figures from the pumps show that prices of petrol and diesel which were both selling at an average price of GHS 4.7 per litre in December 2020 to average an average of GHS 5.74 as of Mid-March 2021.
Currently, some Oil Marketing Companies (OMC) are displaying GHS 6.13 per litre of fuel at the pumps.
Fuel prices in the country have consistently seen a steady increase since the beginning of the year, sparking fears that consumers may end the year paying an all-time high rate per litre.