Motorist and vehicle owners are expected to pay more when they visit the pumps starting today, Monday January 4. Petroleum products have been increased by 27 percent.
Yen.com.gh checks at some pumps in Accra showed that a gallon of petrol sells between Ghc15.40 and 15. 80. Diesel is also going for Ghc14.50 pesewas.
The latest increment was occasioned by the passage of the Energy Sector Levy by Parliament last month. The increase margin is one of the biggest in recent times.
Meanwhile the Ghana Private Road Transport Union (GPRTU) has threatened to increase transport fares should government go ahead and increase fuel prices.
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“ … so we came to the decision that prices will only change after an annual meeting with the Transport Ministry," chairman of the GPRTU, Kwame Nkrumah told the media.
Ghanaians are expected to be hit generally with a massive increase in the taxes from the beginning of the year.
Government has implemented a new income tax law by the Ghana Revenue Authority (GRA) to replace the repealed Internal Revenue Act, (Act 592).
Oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020.
Prices have fallen from more than $110 a barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand.
But Opec said oil prices would begin to rise next year and, longer term, would rise due to higher exploration costs.
It expects the market share of Opec producers to shrink by 2020 as rivals prove more resilient than expected.