How much fuel will now sell for after 15p reduction

There’s been an increase in petroleum products from the start of this year to March. While Oil Marketing Companies (OMCs) review their prices upwards, drivers; public and private express worry about the incessant increment.

Commuters, on the other hand, bear the rippling effect of the increase in fuel prices as commercial vehicle drivers pass on the cost to them [passengers] by increasing transport fares.

Currently, some pumps are selling diesel at GH¢10.80pesewas and petrol at GH¢9.70pesewas.

Transport unions have bemoaned the latest price of fuel and have called on government to look into this growing menace.

Finance Minister, Ken Ofori-Atta, on Thursday, March 24 announced a 1.6% reduction in petrol and a 1.4% in diesel.

The 15 pesewas nominal margin, Ken Ofori-Atta said, formed part of government’s far-reaching measures to stabilize fuel prices at various pumps.

“These reductions in margins are expected to reduce prices of petrol by 1.6% and diesel by 1.4%. We anticipate that the measures taken to strengthen the currency will help further stabilize the prices at the pump,” he said.

Per GhanaWeb’s calculations, petrol and diesel which currently sell at an average GH¢ 9.70 and GH¢ 10.80 per litre respectively would be selling at GH¢9.55 pesewas and GH¢10.65pesewas effective Friday, April 1, 2022.

This reduction, the finance minister said was to mitigate the impact of rising petroleum products at the pump for the next 3 months.

Meanwhile, Ken Ofori-Atta said the National Petroleum Authority (NPA) was in discussion with the oil marketing companies (OMCs) to reduce their margins “within the spirit of burden-sharing.”

Former Deputy Energy Minister, John Jinapor, has described the 15 pesewas reduction in fuel prices by the government as shambolic.

According to Mr Jinapor, the reduction will not help in any way to alleviate the current hardship of Ghanaians because the price of fuel has already increased five times in 2022.

“If you reduce petroleum prices by 15 pesewas, what is the net effect? The net effect is that you’re reducing the prices by 1.4%. Already, this year, petroleum prices at the pump have increased by about 66%,” he said.

The former deputy minister, who is also the Member of Parliament for Yapei-Kusawgu, attributed the increase in fuel prices to the depreciation of the Ghana Cedi.