Some OMCs adjust fuel prices upwards

Some major Oil Marketing Companies have started adjusting fuel prices upwards at the pumps, following implementation of some taxes and levies introduced in the 2021 National Budget by the National Petroleum Authority.

Shell for instance is selling a litre of diesel and petrol at GH6.13, representing more than 12 percentage points hike, while Total has done a similar thing.

Other Oil marketing companies are expected to follow suit with similar adjustments from today till the end of this week.

The increase which could be the highest in recent times could trigger negotiations for an upward adjustment in transport fares

Chief Executive of the Association of Oil Marketing Companies, Kweku Agyeman Duah tells Joy Business the players don’t have any other option than to comply with these measures. 

“These are genuine tax and levy measures introduced by government that comes into full force. For us as collectors, we need to make sure that we collect fully for the state, so we price accordingly.”

“There are some portions of the levies or taxes which should be approved by government and there are some margins too you don’t need parliamentary approval and that’s managed by the NPA. They [NPA] looked at it and did it themselves”, he emphasized.

“All that we have to do is to be able to collect the appropriate levies for the state, because if you don’t do it…you have to pay for it yourself and you know our margin; our margin is very small. So, we are shaping all our people in line with the increment, he pointed out”.

Chamber of Petroleum Consumers seeks Energy Minister’s intervention over new taxes

In a separate development, the Chamber of Petroleum Consumers will be seeking the Energy Minister’s intervention to reverse imposition of some new levies on the fuel prices.

Prices of petroleum products have gone up by an extra 17 pesewas, following the imposition of some levies by the NPA.

But the Chamber argues that the NPA doesn’t have the legal mandate to impose these taxes.

It is therefore hoping to use this meeting with the Ministry, the NPA and the OMCs to reverse these levies.

Executive Secretary of the Chamber, Duncan Amoah, said the Energy Minister has taken an interest in this and he has assured us that with all of us he finds a solution to what we all are saying. We believe strongly in him and what he says he would do for Ghanaians.  

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