Government has announced a reduction of margins in fuel price build-up by 15 pesewas.
The reduction, which is expected to take effect from April 1, 2022, will see prices of petrol and diesel at the pumps go down by 1.6 percent and 1.4 percent respectively.
Minister of Finance, Ken Ofori-Atta, who made the announcement at a media briefing, explained that the reduction is part of measures to cushion Ghanaians for the next 3 months in the face of the rapid hikes in fuel prices which consequently has led to a rise in cost of living.
“To mitigate the impact of the rising price of petroleum products at the pumps for the next 3 months, government has decided to reduce margins in petroleum price buildup by a total of 15 pesewas per liter with effect from 1st April.
The details are as follows BOST margin reduced by 2 pesewas per liter, unified petroleum pricing fund margin reduced by 9 pesewas per liter, fuel marking margin reduced by 1 pesewa per lite, primary distribution margin reduced by 3 pesewas per liter. These reductions in margins are expected to reduce prices of petroleum by 1.6 percent and diesel 1.4 percent,” he said.
He also disclosed that government is in talks with Oil Marketing Companies (OMCs) to further reduce petroleum price margins “within the spirit of burden sharing”.
The minister is hopeful that these and measures taken to strengthen the local currency and ensure consistent supply of fuel will stabilize prices of fuel at the pumps in the coming days.
“We anticipate that the measures taken to strengthen the currency will help further stabilize the prices at the pump. The NPA and the Ministry of Energy are discussion with the OMCs to reduce their margins within the spirit of burden sharing”.
