Govt Announces Reduction In Fuel Prices

The government has blazoned 15 pesewas per litre reduction in perimeters in petroleum prices at the pumps.

By this, the prices of petrol will be reduced by1.6 per cent and diesel by1.4 per cent effective April 1, 2022.

This is part of measures by the government to help alleviate the impact of the rising price of petroleum products for the coming three months, this, April to June 2022.

The Minister of Finance, Ken Ofori-Atta, bared this at a media briefing on Thursday while publicizing measures being introduced by the government to help address the current profitable challenges.

The minister noted that the adding energy prices at the pumps were started largely by the rising crude canvas prices on the transnational request coupled with the exchange rate deprecation.

“Though the rise in crude oil prices should have been to our benefit on net basis, Ghana’s import of petroleum products amounts to 5.2 times the value of the proceeds from its crude oil exports.

“In 2022, we exported $3,947.70 million of which Ghana’s portion was $513 million. However, we imported $2,719.00 of crude oil and finished products,” he explained.

Mr Ofori-Atta also indicated the National Petroleum Authority (NPA) is engaging the Oil Marketing Companies (OMCs) to reduce their perimeters within the spirit of burden-sharing.

He further expressed sanguinity the measures taken to strengthen the currency will help further stabilise the prices at the pump.