Diesel has nearly doubled in price – NPA boss explains why Ghana’s pumps haven’t followed
The CEO of the National Petroleum Authority (NPA), Godwin Edudzi Tamakloe, says the international price of diesel has almost doubled since February, but Ghanaian consumers have been shielded from the full impact.
The National Petroleum Authority (NPA) boss, Godwin Edudzi Tamakloe, explained why Ghana's consumers haven't faced the full brunt of the diesel price surge. Since February, the international price of diesel has nearly doubled. However, the NPA raised the minimum price floor for diesel from GH¢15.60 to GH¢16.77 per litre as of September 16.
Some oil marketing companies have subsequently increased their prices, with Star Oil currently charging GH¢17.77 per litre. Tamakloe attributed the relatively lower increase in Ghana's fuel prices to the stability of the cedi and deliberate government measures to shield consumers. The cedi's stability and government intervention have moderated the impact of the price hike.
While the international diesel price has increased from $794 to $1,519 per metric ton, causing a nearly 100% jump, Ghana's fuel prices have not increased by the same percentage. This moderation is due to the stronger cedi and government actions to cushion the impact on consumers. Tamakloe noted that Ghana has managed the situation better than some other countries, citing unrest in Syria and the significant diesel price increase in the United States.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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