The first fuel pricing window under the Price Liberalization Programme of the National Petroleum Authority (NPA), for the month of June 2018, is set to commence with price of Petrol seeing a 2.8% increase and Diesel with 2.5% increase.
The new prices are expected to reflect at the pumps from Friday the 1st of June though most OMCs indicate the adjustments will most likely reflect by Monday.
A statement released by the Chamber of Petroleum Consumers and signed by its Executive Secretary Duncan Amoah indicates that the second window of the current month of May saw most of the Oil Marketing Companies (OMCs) increase fuel prices by about 3% at the various pumps, with average trading indexes of around 4.670/litre for petrol or gasoline and 4.660/litre for gasoil with the special or higher octane products selling at 5.230/litre.
With a price of a gallon averaging around 21.015 for PMS (petrol ) and Ghc 20.970 for AGO (diesel) across most pumps.
Pump prices for both products are expected to rise by between 2-3% depending on the OMC, the current pump averages of 4.670 and 4.660 for Gas Oil and Gasoline respectively, given the current price movements, the two products could rise to as high as Ghc4.80/litre or Ghc21.60/ gallon, and Ghc4.78/litre or Ghc21.51/gallon for Gasoline and Gasoil respectively representing 2.783% and 2.55% increases on both products respectively.
Prices of petroleum products saw a sharp increase over the period in review due to huge geopolitical shifts and uncertainties following attacks by Israel on Iran as well a stalemate between the United States and Iran.
COPEC urged the government to step up efforts at curbing the illegal fuel trade which is costing the state several hundreds of millions in revenue yearly in order to further reduce the overburdening taxes on fuel at the pumps currently.
The Association further bemoaned the high prices of fuel and asked the government to consider reviews on fuel taxes especially the Price Stabilisation and Recovery Margins.
Meanwhile, chairman of Ghana Road Transport Coordinating Council (GRTCC), Ben Amoabeng Preprah on Tuesday, attributed the increment of transport fares to among other things, the increasing price of fuel.
He confirmed to Prime News Ghana that the increment is likely to take effect from Monday, June 4, 2018.
According to him, increased fuel prices across the world market is causing a direct effect on local consumption.