The Head of Pricing at the National Petroleum Authority (NPA), Mr Abass Ibrahim Tasunti says fuel price may rise up to GHC9, per litre in a few weeks from now.
He said this was due to the fact that fuel price had gone up globally.
Also, he said the Ukraine -Russian war has caused a hike in fuel prices because Russia is known to be a big supplier of fuel but the war has affected its fuel supply.
The situation, he said has added up to the already hike in fuel caused by covid.
Within a short time, fuel price in Ghana has increased from GHC8.29 to GHC8.49.
Speaking on Atinka TV‘s morning show, Ghana Nie with Ekourba Gyasi Simpremu, Mr Abass Ibrahim Tasunti said although Ghana is an exporter of crude oil, it cannot sell its fuel at a lower price because there is a price benchmark for fuel across the world, saying it has to go through a recognised formula before it can be sold.
“When you look at the pricing of petroleum products, yes you could be producing crude oil but there is a formula or price benchmark that is used to check the price of fuel in every country. Most countries will look at the cost of the product on the world market before they add their domestic cost,” he said.
When asked if Russia and Ukraine are selling their fuel at a higher price as compared to that of Ghana, Mr Abass Ibrahim Tasunti said one cannot compare fuel price in Ghana to that of Russia or Ukraine since they are at war.
He also noted that Russia has the lowest price of fuel because they are major producers of fuel, adding that the taxes on fuel in Russia are very minimal.
“The impact of the Russian-Ukraine war is being felt by the countries that rely on production from other countries, so when you look at the USA, and the UK, their prices are going up because all of them, including us in Africa rely on global market but there is a cut in supply so the prices are going up,” he said.
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