The National Petroleum Authority has reduced petroleum price margins by 8 pesewas, from the 17 pesewas earlier announced.

This will however take effect from Wednesday, 5th May, 2021.

At a meeting including the Energy Minister, Dr. Mattew Opoku Prempeh; representatives of the Association of Oil Marketing Companies; the NPA; Bulk Oil Storage and Transportation Company; the Chamber of Petroleum Consumers and the Institute for Energy Policies and Research, it was agreed the petroleum prices should be slashed down to 9 pesewas.

“The 17 pesewas per liter increase in fuel margins previously announced by the NPA has been reduced to 9 pesewas per liter, effective from tomorrow Wednesday 5th may, 2021”, a communique signed by the above parties disclosed.

However, transport fares may still witness some adjustment because of the 9 pesewas increase in the fuel margins, beside the fortnight review of petroleum prices.

Presently, crude oil is selling at a high price of about US$65 per barrel.

Some OMCs adjust fuel prices upward

Meanwhile, some major Oil Marketing Companies this morning adjusted fuel prices upward at the pumps, following the implementation of some taxes and levies introduced in the 2021 National Budget by the National Petroleum Authority.

Shell for instance is selling a litre of diesel and petrol at GH¢6.13, representing more than 12 percentage points hike, while Total has done a similar thing.

Other Oil marketing companies are expected to follow suit with similar adjustments from today till the end of this week.

Chief Executive of the Association of Oil Marketing Companies, Kweku Agyeman Duah told Joy Business the players don’t have any other option than to comply with these measures. 

“These are genuine tax and levy measures introduced by government that comes into full force. For us as collectors, we need to make sure that we collect fully for the state, so we price accordingly.”