Fuel Prices Will Be Reduced Soon – NPA

The National Petroleum Authority (NPA) has assured that prices of petroleum products would be reduced in the next pricing window.

The NPA says they have monitored the international market and it is obvious that the prices are likely to come down and this would also affect prices in Ghana.

Prices of fuel kept rising in Ghana until Goil reduced its fuel by just GHp5.

Currently, a litre of petrol and diesel are hovering between GH¢6.85 per litre for Goil, GH¢6.99 for others, depending on which Oil Marketing Company (OMC) one is buying from.

There has been concerns among Ghanaians that fuel prices will soon hit GH¢7.00 per litre soon and as such the government must reduce the levies on petroleum prices in the country.

But the Head of Pricing at NPA, Abass Ibrahim Tasunti, assured host of 3FM’s Sunrise Alfred Ocansey that “Ghanaians should expect price reduction in the next window”.

“We have seen the international market and we believe prices would come down by the next pricing window.”

Asked when the next pricing window would be, Mr. Tasunti said “the next pricing window is the first week of December”.

The Executive Director for the Institute for Energy Security (IES), Nana Amoasi VII, however, believes otherwise because Ghana does not have any internal mechanism to cushion the system.

“We don’t have any internal mechanism to cushion us so we have to stick to international price.”

He explained that “Europe and the US will be going to the winter and that will demand more fuel and that may affect prices. If the trend continues, we can only expect an increment because there is no form of mitigation from the international price in Ghana.”

Source: 3news