- Fuel prices have reached their highest point in a year after crossing at some petrol stations
- Prices were driven higher than expected after the suspension of the price stabilization and recovery levy was reversed
- The government had planned to insulate customers from paying for higher fuel prices at the pump
Fuel prices hit their highest level in over a year after crossing GH¢14 cedis per liter at some petrol stations.
This comes as oil prices in the international market have also hit a six-month high.
Source: Getty Images
The prices were driven higher than expected following the decision of the National Petroleum Authority (NPA) to reverse the suspension of the petroleum price stabilization and recovery levy.
The levy provides for a charge of 16 pesewas for petrol per litre, 14 pesewas for diesel per liter and 14 pesewas for LPG per kilo.
![](https://images.yen.com.gh/images/b5d0a0a798224e0d.jpg?impolicy=cropped-image&imwidth=256)
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Given the steady rise in oil prices, the suspension was expected to slow the upside margin.
The government planned to insulate customers from paying higher fuel prices at the pumps based on rising prices in the global market.
The Energy Sector Levy Act 2015 (Act 899) allows the National Petroleum Authority to use the PSRL to stabilize the prices of petroleum products for consumers for a certain period.
This recent increase in fuel prices marks the highest increase since February 2023 when a liter of fuel sold for GH¢15.40 and GH¢15.50 for diesel.
The Chamber of Petroleum Consumers had earlier predicted some stability in the first pricing window of April 2024.
However, he said prices will increase in the second pricing window.
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![](https://images.yen.com.gh/images/00e4472d8644ab2e.png?impolicy=cropped-image&imwidth=256)
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A liter of diesel will also be sold at GH¢13.91, with LPG sold at GH¢14.20 per kilo.
Uber, Bolt car owners to pay new vehicle income tax
YEN.com.gh reported that the Ghana Revenue Authority has issued a notice to owners of passenger vehicle vehicles on the implementation of a new tax policy.
Car owners on platforms like Uber now have to pay Vehicle Income Tax from January 1, 2024.
The Ghana Revenue Authority has released a statement with guidelines for transport companies and users to follow.
Source: YEN.com.gh