The National Petroleum Authority (NPA) says diesel prices will remain below GH¢20 per litre in the first pricing window of October, following government interventions to cushion consumers against rising international fuel prices.
NPA Chief Executive Officer, Godwin Edudzi Tamakloe, said without the intervention, diesel was projected to rise to about GH¢22 per litre.
“…Now, through government’s intervention, we’ll be doing below GH¢20. Government feels that it needs to intervene,” Mr Tamakloe said.
The interventions were agreed at an emergency meeting between government and key players in the petroleum sector to mitigate the impact of the surge in global fuel prices on the domestic market.
As part of the measures, Sentuo Oil Refinery and Tema Oil Refinery (TOR) have agreed to maintain the prices at which they sell petroleum products to Bulk Distribution Companies (BDCs) at the levels recorded in the previous pricing window.
Government has also suspended the GH¢1 Energy Sector Levy, popularly known as the D-Levy, on diesel for the month of October.
Mr Tamakloe said the combined measures were intended to prevent the anticipated sharp increase in diesel prices at the pumps.
“Basically, what we’ve agreed today is that Sentuo and TOR will maintain the price they sell to the BDCs at the last pricing window,” he said, adding that maintaining the refinery prices would help reduce the impact of the increase in international petroleum prices on consumers.
The NPA CEO added that the Finance Minister had agreed to suspend the GH¢1 levy on diesel for October, although the levy could be restored depending on developments in the market.
The measures are expected to take effect with the opening of the first pricing window for October as government seeks to contain the impact of rising global fuel prices on consumers.
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