Fuel prices go up effective Sunday February 17
The National Petroleum Authority (NPA) has announced 15 to
50 per cent increases in the prices of petroleum products.
But the increases have received a swipe from motorists and passengers alike and also compounded the acrimonious relationship between commercial drivers and passengers.
A statement signed by the Chief Executive of the NPA, Mr Alexander Mould, and issued in Accra late on Saturday, February 16, 2012, said the upward adjustment in fuel prices took effect from 6 a.m. yesterday, February 17, 2012.
Petrol received a 20 per cent price increment from GH¢1.70 per litre to GH¢2.04, which means that petrol will now sell at GH¢9.22 per gallon, while kerosene will now be sold at GH¢1.04 per litre; that is, GH¢4.71 per gallon, up from the previous 91Gp per litre, representing a 15 per cent increase.
It said diesel would now sell at GH¢2.06 per litre; that is, GH¢9.31 per gallon, from the previous price of GH¢1.72 per litre, representing a 20 per cent increase, with marine gas oil (local) now selling at GH¢1.74 per litre, from GH¢1.51.
The statement said LPG, which used to sell at GH¢1.29 per litre, would now be sold at GH¢1.94, representing a hike of 50 per cent.
It said RFO, which used to be sold at 83.93Gp, would now sell at 96.52Gp.
The price of premix, however, remains unchanged.
The statement explained that the calculations were based on the crude oil price of $116 per barrel and an exchange rate of GH¢1.89/USD.
According to the NPA, the workout showed that the government had maintained some subsidies on the prices of petroleum products and listed the subsidies as eight per cent for premium, 52 per cent for kerosene, six per cent for gas oil, 13 per cent for marine gas oil (local), 35 per cent for RFO, five per cent for LPG and 73 per cent for premix.
It said with the subsidies on the various products, under-recovery to be generated for the next weeks was estimated at GH¢23.2 million.
It said without the subsidies, petrol would have sold for GH¢2.21 per litre or GH¢9.98 per gallon, with diesel selling at GH¢2.21 per litre or GH¢9.95 per gallon at the pump.
It said LPG would have sold at GH¢2.28 per kilogramme; marine oil, GH¢2.01 per litre or GH¢9.05 per gallon, and RFO at GH¢6.69 per gallon.
Although the price of premix remained unchanged, it said the price at the pump would have been GH¢2.44 per gallon.
The statement said all petroleum service providers (PSPs) had been duly notified of the changes.
The NPA appealed to consumers to bear with the inconvenience occasioned by the delay that would occur at the filling stations as the stations re-calibrated their pumps to reflect the changes.
