By: Jude Tackie
Ghanaians are bracing for another hike in fuel prices as the National Petroleum Authority (NPA) has reversed its earlier decision to suspend the Price Stabilization and Recovery Levy.
In a surprise move, the NPA announced that fuel companies must now add 16 pesewas per litre to the price of petrol and 14 pesewas per litre to the cost of diesel, effective immediately on Thursday, April 4th.
This abrupt reversal comes just 24 hours after the NPA released new fuel prices, which were quickly updated with the latest increases stemming from the reinstated levy.
The Price Stabilization and Recovery Levy was initially intended to stabilize prices and recover costs for the industry. However, the NPA had recently announced plans to reduce the levy, providing temporary relief to consumers grappling with rising fuel costs.
The sudden reintroduction of the levy has caught many by surprise, sparking frustration among motorists and businesses already struggling with the economic impact of high fuel prices.
Opposition parties and consumer advocacy groups have criticized the decision, accusing the government of mismanaging the situation and failing to prioritize the interests of ordinary Ghanaians.
The NPA has defended the move, citing the need to maintain a balance between consumer affordability and industry sustainability. However, critics argue that the frequent price fluctuations and lack of transparency undermine public trust and exacerbate economic hardships.