GOIL increases fuel prices twice in two days after reimposition of Price Stabilization Levy

The Ghana Oil Company (GOIL) increased fuel prices at its pumps twice in two days after the National Petroleum Authority (NPA) reversed its suspension of the Price Stabilization and Recovery Levy.

On Wednesday, April 3, GOIL raised the prices of Gasoline and Diesel by 50 pesewas and 11 pesewas per litre respectively.

This was followed by another increment of 16 pesewas and 14 pesewas per litre respectively on Thursday, April 4.

The increases come after the NPA issued a directive on April 3, instructing oil marketing companies to once again apply the Price Stabilization and Recovery Levy in their fuel price calculations.

The levy is 16 pesewas per litre for gasoline, 14 pesewas for diesel and 14 pesewas per kg for LPG.

The levy had been suspended by the NPA from April 1 to June 30, upon instructions from the Ministries of Finance and Energy.

However, the sudden reimposition of the levy has forced GOIL and other OMCs to pass on additional costs to consumers.