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Consumers of petroleum products should expect to pay more for fuel at the pumps from June 1, 2020.
This is coming after the National Petroleum Authority (NPA) announced that the BOST Margin has been increased by Cabinet.
The BOST Margin has been increased from 3 pesewas to 6 pesewas for a litre of petroleum product.
Meanwhile, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah has predicted that fuel prices at the pumps will increase by between five and eight percent.
“Consumers will most likely have to pay more for fuel because world market prices, crude alone has done about 40%. With finished products such as gasoline, gas oil has also seen a sharp jump on the international market. It is quite certain that we will be doing between 5% and 8% [increase in fuel prices].”
The BOST Margin has remained at 3 pesewas per litre since 2011.
It was nearly increased to 6 pesewas per liter in December 2019, but the decision was quickly reversed due to the pressure on the government by opposition parties as well as CSOs such as the Chamber of Petroleum Consumers (COPEC).
But the Managing Director of BOST, Edwin Provencal earlier in March appealed to the government to increase the BOST Margin from three pesewas per litre to nine pesewas.
He explained that an increment will help them maintain the deteriorating facilities at BOST, a strategic asset of the State.
Meanwhile, Duncan Amoah has explained that apart from the increment in the BOST Margin, a recent increment on the world market will also result in an 8 percent rise in prices at the pump.
Notice from NPA