The National petroleum authority says fuel price hikes will be minimal next year
Prices of petroleum products in Ghana in the first pricing window of the year 2022, which is January, are expected to be stable with minimal increment, the National Petroleum Authority (NPA), has said.
The authority attributed this to the current 3% increment of crude prices in the World Market.
Currently, the price of crude on the world market is $70 per barrel, which is a reduction of $10 per barrel from $80, on the world market.
This has also reflected on the Ghanaians market as fuel prices have gone down marginally from GHS6.90 to GHS6.60 at some oil marketing companies.
Reacting to the development on 3FM’s Sunrise hosted by Alfred Ocansey on Monday, the Head of Pricing at the NPA, Abass Ibrahim Tasunti, explained that petroleum price indicators are published on the website of the NPA to allow industry players to monitor the prices.
“We have been publishing the petroleum pricing indicators. It gives you an idea of what is happening. It helps to know whether prices are rising or falling”.
Mr. Tasunti noted that “the reductions are as a result of what is happening in the world market. We are still monitoring.
“By 27 of December, we will do the monitoring and that will help us determine the price in January because no one can predict what will happen tomorrow in oil prices”.
He added that “if the current reduction trend continues, it means we are not going to see any increment in January”.
“We shall see stability or increase because of the 3% increment in the world market. That is for Goil and the others will also follow”.