The National Petroleum Authority (NPA) has announced that the prices of petroleum products in the country will remain stable at the pumps during the Christmas season.
It said the stability could be attributed to the marginal depreciation in the price of fuel on the world market.
“The Authority wishes to advise the general public that prices of petroleum products at the pumps are expected to remain stable over the pricing window, 16th December to 31st December 2017….This is as a result of a marginal drop of fuel prices on the world market. The Exchange Rate has also remained relatively stable,” it said in a statement copied to citifmonline.com.
The NPA added that it had activated price stabilization measures in view of the situation to ensure that petroleum product prices are not increased.
“In line with a directive from the Ministry of Energy, the Authority has activated the price stabilization mechanism to avoid any upward adjustment in prices…. the Authority has therefore adjusted the PRICE STABILIZATION and RECOVERY LEVY (PSRL) on Diesel and LPG. This adjustment will not result in any price increment.”
IES predicts no fuel price increase
The Institute of Energy Securities (IES ) had earlier predicted the stability in petroleum product prices.
According to the Principal Research Analyst at the IES, Richmond Rockson, who spoke to Citi Business News, despite the fast depreciation of the cedi against the dollar, the effect on petrol prices will be minimal.
“In the next pricing window which is the first pricing window in December, we forsee fuel prices remaining fairly stable, when I say fairly stable what I mean is that we are not expecting any price change and even if there will be a change in prices it won’t be significant,” he said.