Fuel prices expected to go up
4th June 2024
The National Petroleum Authority (NPA) has directed the various industry players to increase the Unified Petroleum Price Fund (UPPF) margin by GH₵0.05 on every litre in the Price Build Up for petroleum products from June 1, 2024.
By this, consumers are likely to pay more for petroleum products in the coming days.
The NPA explained that the revision of the margin is necessary to ensure sustainability of the fund for efficient distribution of petroleum products across the country.
The directive was contained in a circular issued on May 30, 2024 and seen by JOYBUSINESS.
Based on the directive, the margin on diesel and petrol have been increased by GH₵0.05 to GH₵0.90.
Already, prices of petroleum products were expected to go up this week.
However, based on the development prices may witness a higher than expected adjustments at the pumps.
This will be dependent on whether the oil marketing companies will absorb the cost or passed it on consumers.