[ 2017-03-21 ]

Some OMC’s reduce fuel prices in line with recent tax cuts
Four major oil marketing companies have all
dropped price of petroleum products at the pumps
again in line with removal of some taxes on
petroleum products last week by government.
This is the second time, in just four days that
the major oil firms - Goil, Total, Shell and
Allied - have reviewed prices, as picked up by
JOYBUSINESS.

The first instance was on last Thursday, March
16 which was in line with the normal two weeks
price review and the second, which happened March
20 as a result of the removal of excise duty and
reduction of special tax rate on petroleum, from
17.5 to 15 percent.

The review has resulted in the price of a litre of
petrol and diesel go down between 1 to 4 percent.

A check at the pumps reveals Goil is now selling
a litre of Super at GH4.18 and Diesel GHC4.17
while Shell sells a litre of Super for GH4.18 and
Diesel GH4.17.

Total Ghana -sells Super at GH4.18 and Diesel at
GH4.15pesewas. Another player Allied charges
consumers GH4.18 for a litre of Super and GH4.17
for Diesel. 

The development will result in a gallon
diesel from any of these major oil firms being
sold between GH18.67 or GH18.73.

A gallon of petrol should be sold at around
GH18.81 so if it takes about 10 gallons to fill
your tank, then customers should expect to pay in
the region of GH188.10 following these reviews.

With these firms commanding more than half of
industry share, the other 88 OMC’s might be
forced to also reduce prices in the coming days.

But with crude prices expected to be reduced in
the coming weeks on the international market, and
the cedi expected to stabilise against the dollar
in the coming weeks, prices at the pumps could go
down again before the end of March. 

This development will reduce the cost of
operations for most businesses and cost of living
for individuals that had to up their fuel spending
budget.

It could also prevent the expected hike in
transport fares by the Ghana Private Road
Transport Union (GPRTU) by the end of March and
also influence any review in utility tariffs in
the coming weeks. 

Source - Myjoyonline.com

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