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Petroleum Prices Gov't to reduce fuel prices by 4% after 28% jump

The president is expected to assent the bill today, Thursday, February 15, 2018, so the adjustment could take effect in the next pricing window which opens Friday.

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Prices of fuel are expected the decrease by 4% following the amendments of the bill on the Special Petroleum tax on Thursday.

This means the prices of fuel will be reduced by 70 pesewas.

It implies that one would be paying about GH¢4.50pesewas for a gallon of petrol beginning tomorrow (Friday, February 16, 2018) instead of GH¢4.67pesewas.

READ ALSO: Akufo-Addo names new Second Deputy BoG Governor

The president is expected to assent the bill today, Thursday, February 15, 2018, so the adjustment could take effect in the next pricing window which opens Friday.

On Wednesday (February 14, 2018), the Finance Ministry laid a bill before Parliament to have the Special Petroleum Tax reduced from 15 to 13 percent.

This was partly due to pressure from sections of the public for a complete scrap of the tax component on petroleum products.

Chairman of the Finance Committee in Parliament, Mark Assibey Yeboah said explained that the fall in the price of crude on the world market is expected to cause a marginal drop in the cost of petrol and diesel at the pumps.

READ ALSO: Newmont Ghana named country’s largest taxpayer for 2017

“If we kept prices where they are now a litter of petrol GH¢4.66pesewas, diesel is also GH¢4.66pesewas [and] if we didn’t bring this amendment and things stay the same and because there is a drop in the international price of crude, we would have seen a marginal decline from 4.67 to about 4.58. With this new specificity being introduced into the tax, if this should kick in immediately we should see a decline to about 4.5 on the 4.6. We are looking at  saving about 70pesewas per gallon.”

Meanwhile, the Institute for Energy Security (IES) is also predicting a marginal decrease in its review of the February 2018 first pricing window.

“On the basis of positive indicators recorded within the period under review; being the stability of the local currency, the drop in crude oil prices and Gasoline and Gasoil prices; the Institute for Energy Security (IES) foresees prices at the pump dropping slightly,” said the IES.

It, however, added that the “prices may remain stable at the pumps if OMCs decide to rake in some revenues as a result of recent sacrifices made.”

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