The National Petroleum Authority, the downstream petroleum regulator, has made an upward adjustment of Unified Petroleum Price Fund (UPPF) and Fuel Marking Margins in the petroleum price build up effective today May 16, 2023.
Per the review, UPPF has gone up between 29 and 28 Pesewas from between 47 and 40 Pesewas per litre/kilogramme for petrol, diesel, kerosene/Mines, LPG, Marine Gas Oil(local), premix fuel MGO (foreign), Gasoil Mines and Gasoline Rig while Fuel Marking Margin went up to 9 Pesewas from 4 Pesewas per litre/kilogramme.
In a release signed by Curtis Perry Kwabla Okudzeto, Deputy CEO of NPA, and copied to industry players it explained that the upward review is necessary to ensure that the freight rates for the transportation of petroleum products to the various retail outlets in the country reflect the current economic conditions.
The National Petroleum Authority wishes to advise the industry of a review of the Unified Petroleum Price Fund (UPPF) and Fuel Marking Margins in the Price Build- Up effective 16th May, 2023.
“Kindly note that the upward review of the UPPF is necessary to ensure that, the freight rates for transportation of petroleum products to the various retail outlets in the country reflect the economic conditions while that of the Fuel Marking Margins is necessary to guarantee the quality of fuel consumed in the country as well as ensure the sustainability of the programme,” parts of the release said.
Source: https://energynewsafrica.com
