The National Petroleum Authority (NPA) is set to reduce fuel margins by eight pesewas effective 5 May 2021, a communique issued by industry players has stated.
This follows a meeting between the Minister of Energy and the stakeholders in the petroleum sector on Monday.
Last week, the National Petroleum Authority (NPA) announced that an increase in the energy sector levy plus the introduction of the new sanitation and pollution levy as well as other margins will commence from 1 May 2021.
But a communique issued by industry players on Tuesday (4 May) said, “The 17 pesewas per litre increase in fuel margins previously announced by the NPA has been reduced to nine pesewas per litre effective tomorrow Wednesday 5 May 2021.”
This is expected to result in the reduction of fuel prices at the pump.
On Tuesday, some Oil Marketing Companies (OMCs) adjusted fuel prices to reflect the increased levies announced in the 2021 Budget Statement.
In line with the deregulation of the downstream sector, some major oil marketing companies including Total and Shell increased prices by 11.2%. Petrol is now going for GHC6.13 per litre.