The National Petroleum Authority has rescinded its decision to increase fuel margin to 17 pesewas per litre.

In a communique dated May 4, NPA revealed that the prices of fuel per litre would be reduced by 9 pesewas starting from Wednesday, May 5.

“The 17 pesewas per litre increase in fuel margins previously announced by the NPA has been reduced to 9 pesewas per litre effective tomorrow Wednesday 5th may 2021.”

The reduction of fuel prices comes on the back of several backlashes from some Ghanaians expressing frustration with the new fuel prices.

In the early hours of Tuesday, some major Oil Marketing Companies started adjusting fuel prices upward at the pumps, following the implementation of some taxes and levies introduced in the 2021 National Budget by the National Petroleum Authority.

The move which was greeted with several critics saw the petroleum authority called for a meeting on Wednesday with the Energy Minister and other stakeholders in its quest to seek an intervention to reduce the fuel prices.

With the intervention of the Energy Minister, Matthew Opoku Prempeh the price of fuel at the pump has been reduced.