[ 2016-11-21 ]

Government reduces fuel prices
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.

Source - Pulse.com

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