- The National Petroleum Authority (NPA) has announced an increase in fuel prices
- The upward review of the prices takes effect from Monday, June 1, 2020
- The NPA revealed the decision was taken by Cabinet and communicated to them via the Energy Ministry
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The National Petroleum Authority (NPA), has, per a release, has announced increments in fuel prices.
The upward review of the prices takes effect from Monday, June 1, 2020.
The NPA explained that the decision was taken by Cabinet and communicated to them via the Ministry of Energy.
READ ALSO: COPEC says fuel prices may not fall in Ghana as has happened on the world market
“We write to inform you of a review of the BOST Margin in the Price Build-Up (PBU) of petroleum products effective 1st June, 2020. This is in line with a decision taken by Cabinet and communicated to the National Petroleum Authority (NPA) by the Ministry of Energy” the statement read.
Per a report by Ghana Web, the statement implies that Ghanaians will pay more for fuel at the various fueling stations all over the country.
The margin allotted to the Bulk Oil Storage and Transportation (BOST), which used to be three pesewas per litre has been increased by an additional three pesewas.
YEN.com.gh earlier reported that the Institute of Energy Security (IES) earlier hinted at a possible increase in fuel prices during the first pricing window in June 2020.
According to the IES, the price would go above the rate charged in April 2020 and this is due to the 23.25% surge in the price of Brent crude oil.
It added that it could also be a result of the 41.80% and 22.68% increases in the prices of Gasoline and Gasoil respectively on the international market.
READ ALSO: IES predicts fuel prices may increase soon
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