Fuel prices to increase by 3% at pumps effective Feb. 1 – IES

Fuel prices to increase by 3% at pumps effective Feb. 1 – IES

The Institute for Energy Security (IES) has projected that prices of petrol and diesel will increase by 2 to 3 percent at the various pumps.

According to the Executive Director for IES, Nana Amoasi VII this will take effect from February 1, 2024 in the first pricing window.

He explained that two key variables – the cedi stability against the dollar and the increase in prices of gasoline, fuel and gas oil at the international market accounts for the projected increase in fuel prices.

“I just got indication from analysts at the IES that international prices of fuel, gasoline and gas oil have gone up and LPG prime market. In view of that, it could increase the prices on the local market.

“To make the matter worse, the cedi stability against the US dollar is also called into question and that should say that the cedi is depreciating against the dollar,” he said on Ghana Tonight, Wednesday, January 31.

He added that an intervention from government will resolve the projected fuel price increase.

Meanwhile, the implementation of the new Emissions Levy Act, 2023 (Act 1112) also takes effect today, February 1.

The Emission levy which was passed by Parliament last year will impose a levy on carbon dioxide equivalent emissions on internal combustion engine vehicles.

According to the Ghana Revenue Authority, the implementation of the emissions levy aims to promote the adoption of eco-friendly technology and green energy, contributing to improved environmental management and the control of air and water pollution.

The authority stated that individuals obligated to pay the Emissions Levy must complete the registration process and make the levy payments exclusively through the platform.

The GRA added that renewal and issuance of Vehicle Licensing would require persons to submit receipt of payment of the levy before receiving their license.

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