NPA justifies fuel price increases

The National Petroleum Authority (NPA) has explained that the recent 9% increment on petroleum products has been triggered by price increase of the commodities in the world market.

Prices of petrol, diesel, LPG and kerosene have been increased by 9% effective May 17, 2015.

The price of premix for fishermen and RFO, however, remain unchanged.

According to a statement signed by the Chief Executive of NPA, Moses Asaga between February 2015 till date, there has been a 37% change in the price of Petrol, 26% in diesel and 43% in LPG hence the increases in the country.

He said this has led “to an increasing rate of unpaid under recoveries or subsidies, amounting to about GH¢146 million, which is causing serious liquidity challenges for the Bulk Oil Distribution Companies (BDCs).”

Moses Asaga indicated that this if not checked can lead to fuel shortages at the pumps and its attendant effects on productivity.

“The NPA, conscious of these factor