Fuel prices will go up marginally at the pumps, our projection is different from COPEC’s – NPA

The National Petroleum Authority (NPA) is predicting 1.65% and 1.06% in the prices of petrol and diesel respectively.

Speaking to Citi News, the Head of Communications of NPA, Abdul-Kudus Mohammed, said “Indeed there might be increases or adjustments at the pumps, mainly because there have been some slight increases in the price of fuel on the world market. And as we know, anything that happens on the world market directly affects us at the pump.

“As we speak there has been a marginal increase in the price of petrol and diesel so our projection is that there might be a slight adjustment at the pumps.

“Our projection is different from COPEC’s. We are anticipating that petrol should be going up by about 1.65% and diesel by about 1.06%.”

“These projections are mainly based on the slight increases on the world market. The prices of petrol on the world market right before 25th of December went up by around 3.25%, diesel also shot up by 2.09%.”

According to him, the NPA does not expect the wholesale transfer of that arrangement to the consumer.

“That is why our projection does not shift the chunk of the increment to them.”

“We don’t necessarily determine the prices, and so whatever happens on the world market. The reviewed prices will be communicated to us by the OMCs,” he added.

Meanwhile, the Chamber of Petroleum Consumers (COPEC), has predicted that prices of petrol and diesel may go up by 3.7% and 2.5% respectively, in the 1st Pricing Window of January 2022.

Prices of fuel products have over the period surged due to the increment in crude oil prices on the international market, inflation and the depreciation of the Ghana cedi.

Source: Modern Ghana

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