The National Petroleum Authority (NPA) has directed Oil Marketing Companies (OMCs) in the Republic of Ghana to adjust the Unified Petroleum Price Fund (UPPF) and BOST Margins upward effective 1st December 2022.
Per the NPA’s directive, UPPF and BOST Margins are to be increased by 11 pesewas and 2 pesewas respectively.
This is expected to push the prices of petrol, diesel, kerosene, premix fuel, Marine Gas Oil, Gasoil Mines and Gasoil rigs.
“All Oil Marketing Companies and Liquefied Petroleum Gas Companies are to take note of the above review of the UPPF and BOST Margins and apply them in their Price Build-Up effective 1st December 2022,” a letter signed by Linda Asante, a deputy CEO of NPA, said.
Fuel prices shot up significantly with diesel selling at Gh23.45 while petrol sold at Gh¢18.99 in October.
However, prices have been dropping due to the stability of the Ghanaian cedi and the fall of crude oil prices on the international market.
As of Thursday morning, most of the oil marketing companies adjusted their pump prices with diesel selling at Gh18.86 while petrol is selling at Gh¢15.41 per litre.
The UPPF is used to support the efficient transportation of petroleum products around the country to ensure that price of the product are the same in every part of the country irrespective of the location.
BOST Margin is a tax imposed on petroleum products used to cover the maintenance and operating cost of petroleum product depots and undertaking expansion programmes at depots.
Source: https://energynewsafrica.com