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Government reduces fuel prices

Nov. 21, 2016, 10:46 a.m.

The prices of petroleum products have reduced considerably across pump stations in the country.

The reduction had come off the back of predictions by the flagbearer of the New Patriotic Party, Nana Akufo-Addo, and the Institute for Energy Security (IES).

Nana Akufo-Addo had said the government will reduce petrol price in a “desperate” move to win votes.

The IES, on the other hand, predicted a marginal drop in petrol and diesel prices in Ghana.

It said diesel and petrol were likely to go down by 1.5% and 3.0% respectively on the local market.

“As a result of marginal loss of the Ghana Cedi to the U.S. Dollar, the up to 8.12 % reduction in the prices of finished products on the world market, the 8.10% drop in crude oil price, and the low stock of Diesel in the country; the Institute for Energy Security (IES) can project prices of Diesel and Petrol on the local market to drop between 1.5 and 3.0% for the second Pricing-window for the month of November 2016,” the IES said in a statement.

According to Business and Financial Times Newspaper (B&FT), the reduction in the prices of petroleum products by some Oil Marketing Companies (OMCs) follows a decline in the global market price of crude oil.

The newspaper said at the Engen service station at Wejia junction, the price of a litre of petrol has been reduced by some 11 pesewas and it is now selling at 3 cedis 59 pesewas.

Tel Energy also at wejia junction, had also reduced its price of petrol and diesel from 3 cedis 63 pesewas a litre previously now selling at 3 cedis 55 pesewas per litre resulting in 8 persewas price change.

Frimps Oil services station on that stretch has also reduced its prices.