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    Govt announces reduction in fuel prices

    The government has announced 15 pesewas per litre reduction in margins in petroleum prices at the pumps.

    By this, the prices of petrol will be reduced by 1.6 per cent and diesel by 1.4 per cent effective April 1, 2022.

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

    The Minister of Finance, Ken Ofori-Atta, disclosed this at a media briefing on Thursday while announcing measures being instituted by the government to help address the current economic challenges.

    The minister noted that the increasing fuel prices at the pumps were triggered largely by the rising crude oil prices on the international market coupled with the exchange rate depreciation.

    “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 margins within the spirit of burden-sharing.

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

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