Fuel prices drop once again as GOIL announces 10% reduction

Consumers of petroleum products will from today, April 2 witness a drop in fuel prices at the pumps as GOIL Ghana announces a 10 percent reduction.

According to the National Petroleum Authority (NPA), the price of gas has also recorded a significant reduction with checks by the authority also indicating that the Fuel Marking Margin, still remains at Ghp3.

The reduction in fuel prices, however comes at a time when the NPA has introduced a Ghp13.5 Cylinder investment Margin, to help the Liquified Petroleum Gas Marketing Companies (LPGMC’s) offset aspects of the cost involved in procuring and branding cylinders for the new energy policy (the Cylinder Recirculation Model).

This means consumers for now will save some money for other essential expenses at this critical time.

Meanwhile, there has been several demands for the price of fuel at the pumps to be reduced following the 30% drop in global crude prices and the relative stability of the cedi against major international currencies.

Chief Executive of NPA, Hassan Tampuli, earlier said per calculations, fuel prices may be reduced by 15% on March 15, 2020, which was the slated pricing window.

The Chamber of Petroleum Consumers (COPEC), the Institute of Energy Security (IES) and the opposition National Democratic Congress (NDC) have all called for a reduction in fuel prices by Oil Marketing Companies (OMCs) to reflect the global drop in crude prices.

Ghana today, April 2 enters day 4 of a partial lockdown directive in some parts of the country in a bid to curb the spread of the novel Coronavirus outbreak.