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09.01.2006 Business & Finance

Dip in Fuel Prices Insignificant -Public

By Chronicle
Dip in  Fuel Prices Insignificant -Public

... 0.62% and 0.54% decrease in prices The marginal reduction in the prices of premium petrol and gasoline by ¢200 and ¢150 respectively, as announced by the National Petroleum Authority (NPA) last Friday has been described as too little. The majority of a cross section of Ghanaians The Business Chronicle spoke to in Accra over the weekend said the decreases in the prices of premium and gas oil products, though they were happy about it, were too small and insignificant. Others said the NPA has done a good job by regulating fuel prices according to world prices on regular basis. "We hope the decrease will reflect in the transportation fares we pay", Mr. Mohamed Iddrisu told the Business Chronicle. Visits to some fuel stations in Accra showed the new prices displayed, in compliance with the NPA's announcement.
Oil marketing companies are however, allowed to set prices below the maximum prices set by the NPA.
The Chairman of the National Petroleum Authority (NPA), Prof Ivan Addae-Mensah on Friday announced marginal decreases in the prices of premium and gas oil products, which took effect from 1800 hours on Friday.
The price of premium decreased by 0.62% and that of gas oil also reduced by 0.54%.
The current maximum price of premium is ¢7,066.66 from ¢7,111.11, per litre, whiles gas oil which sold at ¢6,466.67 per litre now sells at ¢6,433.33.
The old price of premium in gallon, which was ¢32,000 is now to sell at ¢31,800, while gas oil, which sold at ¢29,100 will now cost ¢28,950.
The new maximum ex-pump price per gallon of premium is ¢31,800, while gas oil is ¢28,950.
Prof Addae-Mensah disclosed however, that ex-refinery prices of other oil products remained unchanged.
In arriving at the new refinery prices of the petroleum products, the NPA said it reviewed the price development on the world market prices of finished product imports as well as the operations of the Tema Oil Refinery.
Prof Addae-Mensah said the determination of the prices of oil products in the country would be eventually left to the demand and supply mechanism, but would be monitored by the Authority against exploitation. He said it is part of the deregulation process in the downstream sector of the petroleum industry.

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