Petroleum prices increased as OMCs apply revised energy sector levies

• Posted on September 2, 2019September 2, 2019
• by Nana Kwesi Coomson
• Comment

Prices of the various petroleum products have started going up from Monday after the various Oil Marketing Companies (OMCs) were directed by the National Petroleum Authority (NPA) to start applying revised Energy Sector Levies.

The NPA’s directive is as announced in the Supplementary Budget presented by the Finance Minister, Ken Ofori-Attah.

Based on the revision petrol would witness a ¢0.20 adjustment, while Diesel would also attract ¢0.20 jump in price per litre.

The increase is as a result of the Road Fund Levy, Energy Debt Recovery Levy, as well as the Price Stabilization and Recovery Levy increased up 20 per cent.

The development would mean that the percentage of levies on various price build up on each product would go up. 

This should mean that the litre of petrol is now expected to be sold at around ¢5.39 for both petrol and diesel and 4.5-litre gallon should be selling at around ¢24.25.

Oil marketing firm Shell took the lead by increasing each litre of petrol and diesel by ¢0.19 effective September 1 2019.

This is resulting in their service stations around the country adjusting their prices as displaced on their boards as Super goes for ¢5.38 and Diesel selling for ¢5.38.

However JoyBusiness is learning that other major oil firms are expected to review their prices later in the day.

-JoyBusiness