Prices of petroleum products have gone up at the pumps.
The price differential between diesel and petrol has narrowed significantly in the first pricing window of February 2023.
Diesel which used to be priced higher is now selling almost at par with petrol.
Diesel is being traded at about 15 cedis 90 and petrol 15 cedis 25 pesewas a liter.
Head of the Economic Regulation Department at the National Petroleum Authority, NPA Abass Tasunti explained the factors which account for the sudden change in fuel prices.
” We have had times when petrol and diesel price were the same before so it is the spread between the price of petrol and diesel which comes to paly. So if the price of the import level and exchange are almost the same, you will end up having the same price for diesel and petrol.
The taxes of diesel and petrol are almost the same. Where the imported price is almost the same, you will see that pump price is almost the same.
Last year the price between petrol and diesel was wide because of the war and its impacts on diesel prices globally. So the difference between petrol and diesel prices was huge but the market is correcting itself and we are getting back to the point where the price of petrol and diesel is almost getting the same,” He stated.
