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Aviation fuel to drop by 20 percent

Aug. 2, 2016, 5:51 p.m.

Airline companies should expect a reduction of at least 20 percent in aviation fuel soon. 

This is the assurance coming from President Mahama. According to him, consultations with the industry regulator, the National Petroleum Authority (NPA) have concluded with a decision to reduce the cost of aviation fuel by 20 percent. Ghana is said to have the highest cost of fuel across the sub-region.

The situation has compelled most airline companies to lift fuel from outside the country.

But the President believes the announcement should bring relief to the various airline companies and increase air traffic to Ghana. 

“One of the complaints that I have constantly received is that Accra being the highest cost of aviation with several airlines lifting fuel from outside Accra.

As a result, we have consulted with the National Petroleum Authority and it has agreed to adjust the price of aviation fuel and reduce it by 20 percent,” he stated. 

In addition Mr. Mahama indicated, “The NPA will be announcing the details shortly and I am sure this will improve the volumes of passenger traffic that the airlines register and it will make Ghana a preferred destination for fueling up.” 

The cost of aviation fuel is relatively expensive in Ghana compared to other economies within the sub region. Whilst Nigeria and Benin sell a liter of aviation fuel at 2 dollars 30 cents each; Cameroon sells a liter of aviation fuel for 1dollar 94 cents.

Yet in Ghana a liter of aviation fuel costs 3 dollars 14 cents. The development has also been attributed to the imposition of taxes on some petroleum products. President Mahama was speaking at the commissioning of the new Ghana Civil Aviation Training Academy building in Accra.

Source: Citifmonline.com

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