Fuel price up by 4% not 11%- NPA

The National Petroleum Authority (NPA) has described an announcement by the Chamber of Petroleum Consumers (COPEC) of Ghana that fuel prices have gone up by 11 percent as false and misleading.

In a statement it issued Monday, October 17, the COPEC said that price of diesel effective October 16, 2016 was reviewed upward between 8 and 11 percent.

But speaking to Citi Business News, the Chief Executive Officer of the NPA, Moses Asaga described the announcement as false, hence should be disregarded since fuel prices has gone up by 4 percent.

“What we are correcting is that the 11percent increase in fuel price is false, and that that is not the situation, the increase have been between 3 and 4 percent,” Mr Asaga said adding that the 11% announcement by COPEC is baseless.

According to him, the increase is not uniform among Oil marketing Companies(OMCs) in the country due the deregulation policy.

“ Now because there is a deregulation it can not be across board 3 to 4 percent even with some fuel stations, they haven’t given any increase, for example GOIL , they still maintain the old price,” he said.

Meanwhile a statement from the NPA earlier advised the media and consumers to check from the NPA website for accurate figures.

“When in doubt, consumers and the media should check with NPA’s website or the bi-weekly publications of retail prices of OMCs published in the Daily Graphic, the Ghanaian Times, and the Gazette by the Assembly Press for accurate information on the retails of fuel by OMCs,” the statement said.

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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