Prices of Petroleum Products will be reduced soon – NPA
The National Petroleum Authority has hinted that prices of Petroleum products on the Ghanaian market will be reduced in the next pricing window.
According to Chief Executive Officer of NPA, Hassan Tampuli, “The consuming public should rest assured, that the benefits of the falling price of products on the international market as we have observed, will be felt in the next pricing window”
Speaking at NPA Stakeholder Engagement in Downstream Petroleum sector today October 24, 2018, the CEO of NPA hinted that “As of today, the Ghana Cedi has made some gains against the United States Dollar and the nearly 2% decrease in the price of diesel and petrol as well as the observed 8% decrease in the price of LPG will be passed on to the public through pump prices, all things being equal. That is how a deregulated market works.”
Hassan Tampuli’s comments come on the back of the latest hike in fuel prices, the second time in two months.
Ghanatalksbusiness checks at the pumps on Monday, October 22, 2018, revealed that prices of both petrol and diesel have shot up by about 2.76 percent.
The price of petrol and diesel is currently pegged at GH¢5.21 per litre, up from the previous price of GH¢5.07 per litre at major pump stations including Total and Shell, despite a reduction in the price of crude oil in the international market.
According to the Institute of Energy Security (IES), the increase was largely due to the depreciation of the cedi.
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