In a statement issued in Accra, it said if the new prices were allowed to stay, the plight of ordinary Ghanaians would be worse.
AFAG quoted the President of the Association of Ghana Industries, Nana Owusu Afari, as saying industries would be forced to lay workers off because of the price hikes.
The NPA on January 3 announced that the prices of gas oil and petrol had gone up by 30 per cent in the ex-pump price while Liquefied Petroleum Gas rose by 25 per cent. The prices of kerosene and premix fuel for fishermen remain unchanged.
The NPA said the new prices were the result of high crude oil prices on the world market, increases in the Tema Oil Refinery (TOR) debt recovery levy and distribution margins for oil companies.
However, AFAG urged the President “to as a matter of urgency and for the social and economic health of the nation, withdraw the new debt recovery levy within a 10-day time frame or incur the wrath of AFAG and Ghanaians”.
AFAG said it would take “all the necessary actions possible to correct this anomaly”.
The pressure group said its worry was the economic hardships “this unwarranted increase” was to cause Ghanaian consumers and businesses.
“We are convinced that businesses are likely to transfer cost to consumers in order to stay afloat,” it added.