Increment In Fuel Prices Effective February 17, 2013

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Effective 17th February, 2013, the maximum prices of petroleum at the pump will reflect the following:

 This indicates an increase of petrol and diesel by 20%, 15% for kerosene, Marine Gasoil (Local) and Residual Fuel Oil (RFO), and 50% for LPG. Premix Fuel prices remain unchanged.

 These prices are effective 6:00 am on Sunday, 17th February, 2013.

 The maximum indicative price for a litre of petrol will be GHS2.0496 (GHS9.22/gallon) and the
maximum indicative price for a litre of diesel will be GHS2.0683 (GHS9.31/gallon). The maximum price for LPG will be GHS1.9485 per kg (a 12.5kg cylinder will sell at GHS24.36). The maximum price for a litre of Kerosene will be GHS1.0465 (GHS4.71/gallon), the maximum price for a litre of RFO will be GHS0.9652 (GHS4.34/gallon) and the maximum indicative price for a litre of Marine Gasoil will be GHS1.7421 (GHS7.84/gallon). However, the price of premix remains unchanged at GHS0.5427/lt.

 These calculations are based on the crude oil price of $116 per barrel and an exchange rate of GHS1.89/USD. The workout above shows that government has maintained some subsidy on the prices of petroleum products. The subsidies on the products are shown in the table below.

 With these subsidies on the various products, under-recoveries to be generated for the next
weeks is estimated at GHS23.2 million.

 Without the subsidies, prices at the pump would be been as follows:
Petrol = GHS2.21/litre (GHS9.98/gallon)
Diesel = GHS2.21/litre (GHC9.95/gallon)
LPG = GHS2.28/Kg (GHS28.59/12.5kg)
Marine Gasoil (Local) = GHS2.01/litre (GHS9.05/gallon)
RFO = GHS1.48/litre (GHS6.69/gallon)
Premix = GHS0.54/litre (GHS2.44/gallon)

The table below also shows the difference between the revised prices and the full pass through prices in GHS per gallon.

All Petroleum Service Providers (PSPs) have duly been notified on these changes. The fuel service stations would require some few hours to re-calibrate their pumps to reflect these changes and may be unable to serve consumers during these periods. We therefore appeal to consumers to bear with the inconvenience of this delay. Full service at the forecourt should resume as soon as the pumps are recalibrated to reflect the new prices.

Thank you
SGD
Alexander Mould
Chief Executive
National Petroleum Authority

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