The Price of fuel in Ghana has gone up by 3.3% per gallon at the pump setting social media on fire after Total Petroleum effected the first of expected increases tonight with a liter at Ghc6.90. Before the increase 3.3% increase per gallon, a liter of petrol and diesel wassailing at Ghc6.80 at the various filling stations but will now be sold at Ghc6.90 translating into Ghc31.05 per gallon from Ghc30.06 for both petrol and diesel.
This comes the government promised the removal of the Price Stabilization and Recovery Levies (PRSL) component of fuel prices for two months but which is yet to take effect due to parliamentary approval hurdle. Despite, the Executive Director of the Institute for Energy Security (IES) , Nana Amoasi VII, had expressed fears that the measures announced by government to check prices were not adequate, describing the government’s approach as “knee-jerk” because prices could keep going up because of the system being run.
“If care is not taken, we will see this price surging on the market consistently. You will ask how the government will negotiate to solve the situation, but unfortunately, where the government sits today, it will be able to reduce these taxes by more than 10 percent and the approach the government has taken, we call it knee-jerk because it is not sustainable… There are other things the government must do to ensure that fuel prices remain stable. You can take away all the taxes, but trust me because we have mechanisms that have broken down, we will still come to the same GH¢6.80 per liter in less than six months because we have become price takers”, he emphasized.
The opposition National Democratic Congress (NDC) on the other hand accused the government of insensitivity over fuel prices.