Business News of Saturday, 2 December 2017
Prices of LPG and Diesel have been reduced effective December 1. But petrol still sells at the same price.
Following a directive by the National Petroleum Authority (NPA) to all Oil Marketing Companies and LPG Marketing Companies to review downwards prices of petroleum products the prices of LPG and diesel at the pump will be reduced by 70%, going for GHC 3.00 instead of the previous price GHC 12.00 respectively.
The statement signed by Energy Minister, Boakye Agyarko also revealed that the prices of petrol will however, continue to sell at the GH12.00 per liter.
The letter also indicated that ‘the Ministry of Energy deems it necessary to apply the price stabilization mechanism provided for under the Energy Sector Levies Act 2015, (Act 899).’
One of the purposes of the Price Stabilization and Recovery Levy (PSRL) under the Energy Sector Levies Act 2015, (Act 899) is to provide price stability for consumers at the pump in times of rising prices of petroleum on the international market.
The upward reviews in the prices of petroleum products are usually influenced by the rising price of crude oil on the international market.
Although Government said it’s determined to ensure price stability with the view to giving comfort to the Ghanaian people they are not willing to reduce the price of Petrol on the Ghanaian market.