Fuel Prices Cross GH¢14 Per Litre Mark, The Highest In 14 Months

• Fuel prices have hit their highest mark in over a year after crossing at some fuel stations
• The prices were driven higher than expected following the reversal of the suspension of the Price Stabilisation and Recovery Levy
• The government had planned to insulate customers from paying for higher fuel prices at the pump

Fuel prices have hit their highest mark in over a year after crossing GH¢14 cedis per litre at some fuel stations.

This comes as oil prices on the international market have also hit a six-month high.

The prices were driven higher than expected following the decision by the National Petroleum Authority (NPA) to reverse the suspension of the Price Stabilisation and Recovery Levy on petroleum products.

The levy sees a 16 pesewa charge on petrol per litre, 14 pesewas on diesel per litre and 14 pesewas on LPG per kilogram.

Read also

US trade gap grows in February to highest level since April 2023

Given the steady rise of petroleum prices, the suspension was expected to slow down the margin of increase.

The government planned to insulate customers from paying higher fuel prices at the pumps based on rising prices on the global market.

The Energy Sector Levies Act 2015 (Act 899) allows the National Petroleum Authority to use the PSRL to stabilise petroleum product prices for consumers over a certain period.

This recent spike in fuel prices marks the highest increase since February 2023, when a litre of fuel sold for GH¢15.40 and GH¢15.50 for diesel.

The Chamber of Petroleum Consumers had earlier projected some stability in the first pricing window of April 2024.

It, however, said prices would be increased in the second pricing window.

A litre of diesel will also be sold at GH¢13.91, with LPG selling at GH¢14.20 per kilogram.

Read also

IEA says Ghana's reliance on international financial market not sustainable

Uber, Bolt car owners to pay new vehicle income tax

YEN.com.gh reported that the Ghana Revenue Authority issued a notification to ride-hailing vehicle owners regarding the implementation of a new tax policy.

Ride-hailing car owners on platforms like Uber must now pay a Vehicle Income Tax from January 1, 2024.

The Ghana Revenue Authority released a statement with guidelines for ride-hailing companies and users to adhere to.

Source: YEN.com.gh