Gov’t to reduce prices of petrol by 1.6%, diesel by 1.4%

By Eric Nana Yaw Kwafo
Headlines Govt to reduce prices of petrol by 1.6, diesel by 1.4
MAR 24, 2022 LISTEN

Government has introduced measures to reduce the prices of petroleum products at the pumps to cushion the citizenry in the midst of the constant rise in the prices of fuel.

Addressing the press on Thursday, March 24, 2022, the Minister for Finance, Ken Ofori-Atta assured that government in addition is implementing measures to guarantee a constant supply of petroleum products.

He disclosed that government has decided to reduce margins in petroleum price build-up by a total of 15 pesewas per litre with effect from 1st April for the next three months to mitigate the impact of the rising price of petroleum products at the pump.

The details of the reduction in margins are as follows; BOST margin reduces by 2 pesewas per litre, unified liquefied petroleum fund margin reduced by 9 pesewas per litre, fuel marking margin reduced by 1 pesewa per litre, primary distribution margin reduced by 3 pesewas per litre.

“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,” Finance Minister Ken Ofori-Atta told the press.

According to him, the National Petroleum Authority and the Ministry of Energy are also in talks with the Oil Marketing Companies to reduce their margins in the spirit of burden of sharing.

Once all these are done, the prices of petroleum products at the local pumps should see a reduction by the beginning of April.

Eric Nana Yaw Kwafo
Eric Nana Yaw Kwafo