Several fuel dispensing stations across the country are yet to reduce fuel prices by 2% as directed by the National Petroleum Authority (NPA), which took effect yesterday.
A visit to some fuel dispensing stations yesterday revealed that petroleum products were sold at the old prices, with attendants giving flimsy explanations.
Some fuel dispensing station attendants told The Finder that they were waiting for technical people to adjust their pumps for them while others said they did not receive directives from the owners of the stations to reduce fuel pieces.
This development incurred the displeasure of some motorists who were eager to enjoy the 2% reduction, resulting in hot exchanges between attendants and motorists at various places.
There was no word from transport unions as to whether transport fares would be reduced to reflect the reduction, and efforts to reach them were unsuccessful.
Already, the NPA has come under severe criticism that the 2% reduction was insignificant because Brent crude in London, a benchmark for more than half the world’s oil, has lost about a quarter of its value since June, the biggest four-month slump since 2008, when the financial meltdown drove it to below $40 a barrel.
Yesterday, the global Brent contract ended the day down 76 cents or 0.9% at $85.40 a barrel on the ICE Futures Europe exchange.
Since the year began to June, prices of petroleum products have been adjusted upwards several times, which sums up to over 30% as a result of a fall in the cedis.
Following the upward adjustments, transport unions also increased lorry fares.
January 16, 2014 fuel price hike
On Thursday, January 16, 2014, the NPA revised upwards the prices of petroleum products. The price of petrol was increased by over 6%.
Kerosene saw the highest increase of over 19% and Liquefied Petroleum Gas (LPG) also went up by 8.73%.
The ex-pump price for gas oil went to 242 pesewas per litre.
February 1, 2014 fuel price hike
Two weeks later, on Saturday, February 1, 2014, the NPA again revised upwards the prices of petrol, diesel and kerosene. The price of petrol was increased by 3% while Kerosene saw an increase of 1.24% and diesel 3.31%. Meanwhile, prices for Liquefied Petroleum Gas (LPG) and Premix fuel saw no change.
March 1, 2014 fuel price hike
One month later, the NPA revised upwards the prices of petroleum products, effective Saturday, March 1, 2014.
The price of petrol was increased by 6.25% while kerosene saw an increase of 6.12% and diesel 6%.
Meanwhile, the price for Liquefied Petroleum Gas (LPG) saw no change.
April 1, 2014 fuel price hike
Prices of petroleum products went up by 7%.
July 14, 2014 fuel price hike
From Monday, July 14, 2014, the prices of petroleum products went up by over 20%.
The price of petrol (premium) saw the highest increase, up 23.08%. Kerosene saw an increase of 23.75 %.
source : The Finder