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Fuel prices reduced at the pump

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).

 

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.

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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.

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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.

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