Fuel prices have increased, with oil marketing companies blaming the rise on a directive from the National Petroleum Authority (NPA) to increase the Unified Petroleum Price Fund (UPPF) margin.
Shell is selling a litre of petrol and diesel at GH₵14.84, while market leader GOIL has increased its prices to GH₵14.60 for petrol and GH₵14.75 for diesel.
The NPA directed industry players to increase the UPPF margin by GH₵0.05 from June 1, 2024, citing reasons that have been questioned by analysts.
Some observers argue that the price drop in crude oil on the world market should have led to lower prices at the pumps, while others say a stable cedi against the dollar should have resulted in a sharper drop in prices.
The impact of the price increase on transport fares is yet to be seen.
The move has sparked concerns among consumers, with many taking to social media to express their discontent.
The NPA has not commented on the matter, but industry players say they have no choice but to increase prices to reflect the new UPPF margin.
The price increase is expected to affect many Ghanaians, who rely heavily on fuel for transportation and other daily activities.
