Pulse.com.gh logo
Go


Petroleum Products Ghana’s fuel imports down by $1bn

Government in 2015 capitalised on the fall of crude oil prices on the international market and maintained fuel prices high.

  • Published: , Refreshed:
Ghana's fuel imports drop to %1.9bn play

Ghana's fuel imports drop to %1.9bn

(File Photo)

Import bill of petroleum products plummeted by 1.1 billion dollars in 2015, The Finder Newspaper reported Wednesday.

It is unclear how much of it is attributed to the wind fall profit since consumers of petroleum products paid more despite calls for it to be reduced after crude oil prices tumbled to $32.00 last year.

Government in 2015 capitalised on the fall of crude oil prices on the international market  and maintained fuel prices high.

According to the newspaper, the drop “is a clear manifestation that the high prices Ghanaians are paying for petroleum products is not justified.”

Over 3.7 million (3,708,904.815) metric tonnes of petroleum products at the cost of over %1.9 billion was imported in 2014, compared to 3,678,049.650 metric tonnes at the cost of 3 billion in 2015.

This means that even though the country imported 30,855.165 metric tonnes more in 2015 than in 2014, the import bill dropped by over $1.1 billion (1,140,774,743.01) due to drastic fall in the price of crude oil on the world market, The Finder reported.

A bulk of the imports, about 74 percent, was by the Bulk Oil Distribution Companies (BDCs) while government institutions imported the remaining 25 percent, the paper cited a data from the National Petroleum Authority.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Taxes In Ghana Don't rejoice; VAT has been hiked through ‘backdoor’ –...bullet
2 Kwabena Duffuor Official: Duffuor’s assets not being auctionedbullet
3 2018 Budget Review Prepare to pay 35% tax if you earn 10k and abovebullet
4 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
5 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
6 Uche Ofodile Captain Planet’s wife heads MTN Liberiabullet
7 Nigeria To The World Ex-Nigerian Minister appointed to...bullet
8 Education Top 5 private high schools in Ghana according to...bullet
9 Salaries In 2018 Here are the dates public workers will...bullet
10 Ban On Fishing Gov’t isn’t wicked – Prof Boatengbullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
3 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
4 Support Finance minister buys Kantanka carbullet
5 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 Money Alert Meet Africa's richest womanbullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 Bozoma Saint John 10 quotes from Uber top official,...bullet
10 New Phones Nokia MWC 2018 Event in 5 minutesbullet

Business