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Fuel prices drop marginally at the pumps

Feb. 17, 2018, 8:47 p.m.

Checks by Citi Business News at some major Oil Marketing Companies(OMC) show that petroleum prices have dropped by less than one cedi at the pumps.

A visit to major oil marketing companies such as Total, Shell and Goil showed that a litre of petrol at each of the stations is now selling at 4 cedis 51 pesewas.

This represents a 3.5 percent reduction from 4 cedis 67 pesewas previously.

Similarly, a litre of diesel could be sold to you at 4 cedis 49 pesewas down from the 4 cedis 67 pesewas previously, at each of the OMCs pumps.

This means that from now till the end of this month, you should be prepared to pay an average of 17 Ghana cedis for a gallon of petrol and diesel at the pumps.

Meanwhile, some commercial drivers still want government to further reduce the price of petroleum products.

One Mr. Tetteh is a taxi driver in Adabraka told Citi Business News there is the need for further reduction.

“I believe it’s still on the high side. If they reduce petrol to 3 cedis 70 pesewas a litre it will be great, because that is where we have pegged our charges. Our price has not changed even though there have been increments. The current reduction hasn’t brought any relief,” he said.

Another driver with the Adabraka Market Taxi Drivers Association called for a more significant reduction.

“I would have preferred a reduction of one cedis per litre. If a gallon of petrol was going for 15 cedis that would have been better.”

Reduction of Special Petroleum Tax

The recent reduction comes after parliament passed the Special Petroleum Tax Amendment Bill to reduce the tax from 15 percent to 13 percent.

The amendment follows recent protests on the rising cost of fuel, as well as calls from the minority for the Special Petroleum Tax to be scrapped.

A Deputy Finance Minister, Kweku Kwarteng, yesterday stated that making the Special Petroleum tax a specific levy would minimize its impact on consumers.

He explained that the amendment will protect Ghanaians in the future as petroleum prices go up.

But some sections of the public including the Institute of Energy Security (IES) as well as a former CEO of the VRA, Dr. Charles Wereko Brobby, has called for the outright abolishment of the 15 percent Special Petroleum Tax. The Special Petroleum Tax is one component in the price buildup of fuel at the pumps.