Price of premix fuel increased from GH¢10 to GH¢25 per gallon

Premix fuel will now be marketed for GH25 per gallon across the country’s numerous landing beaches after the price was raised from the initial GH10 by GH15.

The administration claims that the increase was required by the rise in the price of oil on the world market.

According to the government, the present increase in the commodity’s price is a result of the product’s rising cost on the global market.

The National Premix Secretariat’s administrator, Nana Abrokwa Asare, claimed that the government could no longer afford to pay the significant subsidies it provides to fishermen and other consumers of the product nationwide.

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According to Mr. Asare, the decision to raise the price was made following discussions with the NPA and the NPA’s leadership, working with the Energy Ministry.

“Premix fuel as we know is highly subsidized by the government and the subsidy is as huge as 85 percent, so the government in recent times also experienced the challenges of having to catch up with the ever-rising cost of fuel on the international market, so we engaged the leadership of the fisherfolk to discuss the modalities that can help us improve the supply of premix fuel and one of the things that came up strongly were we considering a marginal increase in the price of premix fuel.”

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Mr. Asare, the recent rise will provide relief to the government and enhance the product’s distribution; He stressed.

“It reduces the burden on the government, for the record, a gallon was being sold for GH¢10 when a gallon should have been sold for GH¢80 and so the government was incurring a debt of GH¢70 per gallon and so after sitting down and deliberating with the fisherfolks, we agreed that a gallon of premix should be sold for about GH¢30 but putting everything together in consultation with NPA and the Ministry of Energy, we came to a consensus that a gallon must be sold for GH¢25.”

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