The National Petroleum Authority (NPA) has rescinded its decision to increase fuel margin to 17 pesewas per litre.
In a communique, dated May 4, the NPA revealed that the prices of fuel per litre would be reduced by nine pesewas starting from Wednesday, May 5.
“The 17 pesewas per litre increase in fuel margins previously announced by the NPA has been reduced to 9 pesewas per litre effective Wednesday 5th may 2021,” it said.
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The reduction of fuel prices comes on the back of backlash from some Ghanaians who expressed frustration over the new fuel prices.
In the early hours of Tuesday, some major Oil Marketing Companies started adjusting fuel prices upward at the pumps, following the implementation of some taxes and levies introduced in the 2021 National Budget.
The move, which was greeted with several criticisms, saw the petroleum authority calling for a meeting on Wednesday with the Energy Minister, Dr Mathew Opoku-Prempeh and other stakeholders in its quest to seek an intervention to reduce the fuel prices.