Government has announced a reduction in the margin for petroleum price-build up by a total of 15 pesewas per litre effective April 1, 2022.
The move, according to the Finance Minister, Ken Ofori-Atta is expected to mitigate the impact of rising petroleum prices at the pump covering a three-month period.
Speaking at a press briefing in Accra on March 24, 2022 the minister said, “To mitigate the rising price of petroleum products at the pumps for the next three months, government has decided to reduce margins in petroleum price build-up by a total of 15 pesewas per litre with effect from 1st of April,” he said.
“BOST margin reduced by 2 pesewas per litre, unified petroleum pricing fund margin reduced by 9 pesewas per litre, fuel markin margin reduced by 1 pesewa per litre, primary distribution margin reduced by 3 pesewas per litre. These are expected to reduce the price of petrol by 1.6 percent and diesel by 1.4 percent. We anticipate the measures taken to stabilise the currency will help further stabilise the prices at the pumps,” Ken Ofori-Atta added.
The Finance Minister added that the National Petroleum Authority and the Ministry of Energy are in discussions with various Oil Marketing Companies (OMCS) in the country “to reduce their margins in the spirit of burden-sharing”.
Meanwhile, prices of petrol at various pumps are selling above GH¢9 while diesel is currently selling between GH¢10 and GH¢11 per litre across the country.
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