The National Petroleum Authority (NPA) has upwardly adjusted the Unified Petroleum Pricing Fund (UPPF) and Bulk Oil Storage and Transportation (BOST) margins in the Price Build-UP.
This takes effect today, December 1, 2022.
The information was contained in a letter to the Oil Marketing Companies (OMC) in the country.
Among the petroleum products affected by the UPPF margin include petrol, diesel, kerosene, Liquified Petroleum Gas (LPG) and Pre-mix fuel.
BOST on the other hand will affect petrol, diesel and kerosene.
With the new UPPF margin review, the price of petrol, diesel and kerosene have been increased to 47 pesewas per litre each with kerosene and premix fuel increased to 48 and 40 pesewas respectively per litre.
According to the NPA, the increase in the margins is to ensure freight rates for transfers of petroleum products to various outlets in the country reflects the current economic condition.
The UPPF margin was instituted to ensure that petroleum products reach the consumer in Ghana efficiently and that fuel is transported throughout the country in a manner that is simple, effective and inexpensive to operate administratively.
The Bulk Oil Storage and Transportation (BOST) on the other hand, is a tax imposed on petroleum products used to cover the maintenance and operating cost of petroleum product depots and undertaking expansion programs at depots.
In September, the Minister for Energy, Matthew Opoku Prempeh said the levy is a strategic source of income for the state and very important for the operations and activities of state institutions and the country’s economy.
The adjustment will likely prompt an increase in the prices of petroleum products at the pumps.
Source: opemsuo.com/Hajara Fuseini