NPA Maintains Petroleum Prices

The National Petroleum Authority (NPA), in its latest review of the prices of petroleum products, has maintained existing prices. Per the recommendation of NPA, users of petroleum products have been spared an increase in the prices of fuel. Petrol is still going for GH2.73 per litter, while diesel is selling at GH2.68 per litter. Kerosene is still priced at GH2.61 while premix is going for 1.25. In the case of liquefied petroleum gas (LPG), it is going for GH2.87 per kilogramme. The last time the NPA reviewed the price of petroleum products was on April 16 when the price of diesel reduced by about four percent. Reports from the Ghana Chamber of Bulk Oil Companies indicate an estimated GH40 million will be spent by Government on subsidizing the current rates. Over the past couple of months, Government has spent about GH175 million on price subsidies and with the current situation, it is unclear how managers of the economy are going to finance the subsidy since that has not been catered for in this year’s budget. Even though the prices of items on the market are supposed to be stable as per the review, this cannot be the case, as the continual depreciation of the local currency against the major foreign currencies on a day to day basis affects prices.