The government has reduced margin price build-up of petroleum products by a total of 15 pesewas per litre with effect from 1 April 2022, Ken Ofori-Atta, the Minister for Finance has said.
This is expected to be implemented for the next three months.
Addressing the country on measures being taken to curb the economic challenges, Ofori-Atta said, “To mitigate the impact of the rising price of petroleum products at the pump, for the next three months, government has decided to reduce margins in the petroleum price build-up by a total of 15 pesewas per litre with effect from 1 April.”
Ofori-Atta said these reductions in margins are expected to reduce prices of petrol by 1.6% and diesel by 1.4%.
“We anticipate that the measures taken to strengthen the currency will help further stabilize the prices at the pump,” he added.
He said the National Petroleum Authority (NPA) is in discussion with the Oil Marketing Companies (OMCs) to reduce their margins within the spirit of burden-sharing.
“The government will do all it can to ensure consistent supply of fuel and manage the rate of ex-pump price increase by ensuring that BoG has access to adequate foreign exchange,” Ofori-Atta.
1. BOST margin reduced by 2 pesewas per litre
2. Unified Petroleum Pricing Fund (UPPF) margin reduced by 9 pesewas per litre
3. Fuel Marking Margin (FMM) reduced by 1 pesewa per litre
4. Primary Distribution Margin (PDM) reduced by 3 pesewas per litre