Fuel prices have increased marginally at the pumps. A litre of petrol now costs GH13.20, up from GH12.65. A litre of diesel which was sold at GH12.84, now sells at GH13.20.
The increase has been attributed to an increase in the price of crude oil, which has risen by approximately 16% on the international market.
Meanwhile, the Chamber of Petroleum Consumers of Ghana (COPEC) says that making the Tema Oil Refinery (TOR) operational is a major option for the government to alleviate the impact of the ongoing fuel price increases. TOR has been inactive for several years due to a variety of challenges.
Duncan Amoah, Executive Secretary of COPEC, emphasised the importance of revamping the refinery to ensure fuel price stability in the country.
“We are not exactly certain where we are going with our refinery [TOR]. It’s been one talk after the other, one promise after the other. The long and short however is that the refinery continues to be grounded. No activity, and nothing is working.”
“In view of the fact that you have some new refineries coming on the stream across the sub-region, one would have expected officials or authorities to be minded by the need to protect the technical workforce of our refinery by finding any means necessary to get TOR back to work. Unfortunately, it has not been the case,” Duncan Amoah said.
Meanwhile, the National Petroleum Authority (NPA) on April 15, reversed its decision to raise the Fuel Marking Margin (FMM) from 4 to 9 pesewas.
The NPA had previously directed that all Oil Marketing Companies (OMC) implement the new rates and incorporate them into their Price Build-Ups (PBUS) beginning April 16, 2023.
However, the regulator has recently withdrawn the increase, stating that the FMM will remain at 4 pesewas per litre until further notice.
