NPA says US hurricanes caused fuel price hikes in Ghana

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Weeks after prices of petroleum products in Ghana hit an all-year-high, government has been explaining the reasons for the hikes.

According to the Chief Executive Officer of the National Petroleum Authority (NPA), Hassan Tampuli, the price surge could largely be attributed to the recent hurricanes that ravaged the United States of America.

“For the past many years, at this time of the year, prices will normally come down after the summer driving season. In the summer driving season, where there is no winter, people go out of their houses, they go on vacation, crisscrossing their country and then the demand on products increases…it is different this time because of the unfortunate national disaster that we have in the United States, especially, which has led to the diversion of [fuel] products from Europe meant for south, west and central African countries to the Americans,” Mr. Tampuli said on Wednesday at a press conference.

Fuel prices have hit all-year-high in September, with petrol selling at an average price of GHc4.29 at the pumps, and diesel going for an average of GHc4.23 per litre.

Analysts have posited that the surge in fuel prices could be among other things be as a result of crude oil price on the international market, as well as the depreciation of the Ghanaian currency – the cedi.

Reduce taxes on fuel prices

Some have also complained that the numerous taxes on petroleum products, could have led to a surge in prices, and have thus called on government to review them.

But Mr. Tampuli defended the taxes saying they help to stabilize the prices within the country. He also said government does not benefit from the taxes saying they are in the interest of consumers.

Hurricane Harvey, Irma and all in-between

Climate change in recent times led to some massive hurricanes – Harvey, Irma, others —hitting some states in the US.

The storms, which were so violent, were said to have destroyed properties worth millions of dollars. Some US states were cut off from social amenities including electricity due to the storms.

By: Godwin Akweiteh Allotey

ABOUT: Nana Kwesi Coomson

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An Entrepreneur and Philanthropist. Editor-in-Chief of A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow (YALI) who studied at Clark Atlanta University on the Business and Entrepreneurship track. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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