The government has reduced the margin price build-up of petroleum products by a total of 15 pesewas per litre with effect from 1 April 2022, Ken Ofori-Atta, the Minister for Finance, has said.
The measure will run for the next three months.
Addressing the country on steps being taken to curb Ghana’s economic challenges, Ofori-Atta said, “To mitigate the impact of the rising price of petroleum products at the pump, for the next three months, government has decided to reduce margins in the petroleum price build-up by a total of 15 pesewas per litre with effect from 1 April.”
Ofori-Atta said the reductions in margins are expected to reduce the price of petrol by 1.6% and that of diesel by 1.4%.
“We anticipate that the measures taken to strengthen the currency will help further stabilise the prices at the pump,” he added.
He said the National Petroleum Authority (NPA) is in discussion with the oil marketing companies (OMCs) to reduce their margins, in the spirit of burden-sharing.
“The government will do all it can to ensure consistent supply of fuel and manage the rate of ex-pump price increase by ensuring that BoG [the Bank of Ghana] has access to adequate foreign exchange,” Ofori-Atta said.
BOST margin down by 2 pesewas per litre
Unified Petroleum Pricing Fund (UPPF) margin down by 9 pesewas per litre
Fuel Marking Margin (FMM) down by 1 pesewa per litre
Primary Distribution Margin (PDM) down by 3 pesewas per litre