{"id":464607,"date":"2018-02-15T14:37:33","date_gmt":"2018-02-15T14:37:33","guid":{"rendered":"https:\/\/ghana-mma.com\/2018\/02\/15\/petrol-likely-to-go-down-4\/"},"modified":"2018-02-15T14:37:33","modified_gmt":"2018-02-15T14:37:33","slug":"petrol-likely-to-go-down-4","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2018\/02\/15\/petrol-likely-to-go-down-4\/","title":{"rendered":"Petrol likely to go down 4%"},"content":{"rendered":"

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\"Renault\"\/<\/div>\n<\/div>\n

Fuel prices are expected to dip by 70 pesewas following the amendments of the bill on the Special Petroleum tax Thursday.<\/p>\n

This means one would be paying about GH\u00a24.50pesewas for a gallon of petrol beginning tomorrow (Friday February 16, 2018) instead of GH\u00a24.67pesewas.<\/p>\n

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.<\/p>\n

The Finance Ministry Wednesday laid a bill before parliament to have the Special Petroleum Tax reduced from 15 to 13 percent.<\/p>\n

This was partly due to pressure from sections of the public for a complete scrap of the tax component on petroleum products.<\/p>\n

Chairman of the Finance Committee in Parliament, Mark Assibey Yeboah said the drop in the price of crude on the world market is expected to cause a marginal decrease in the cost of petrol and diesel at the pumps.<\/p>\n

\u201cIf we kept prices where they are now a litter of petrol GH\u00a24.66pesewas, diesel is also GH\u00a24.66pesewas [and] if we didn\u2019t bring this amendment and things stay the same and because there is a drop in 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\u00a0 saving about 70pesewas per gallon,\u201d he told Starr News\u2019 Parliamentary Correspondent Ibrahim Alhassan.<\/p>\n

In a related development, the Institute for Energy Security (IES) is also predicting a marginal decrease in its review of the February 2018 first pricing window.<\/p>\n

\u201cOn 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,\u201d said the IES.<\/p>\n

However, it added the \u201cprices may remain stable at the pumps if OMCs decide to rake in some revenues as a result of recent sacrifices made.\u201d<\/p>\n

Source: Ghana\/Starrfmonline.com\/103.5FM<\/p>\n

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