ACCRA: GHANA will not reduce the price of oil despite the global reduction in the price of the commodity, regulators said.
Addressing journalists, National Petroleum Authority Chief Executive Officer, Moses Asaga, said his organisation would not reduce the price citing the fact that previous reductions in petroleum products did not reflect in transport fares and prices of goods in the market.
Asaga argued that the cost for fuel at pump station would not change unless global markets further reduced beyond the announced 10 percent drop.
“Somewhere in November we did a 2 percent reduction. We were told it wasn’t enough to reflect for transport fares to be reduced.
“Then now again in December, we did a 10 percent reduction which brought it cumulatively to 12 percent and by the trigger arrangement we had with Ghana Private Road Transport Union (GPRTU) they are supposed to make a reduction and they came out boldly to announce that there’s going to be a 5 percent reduction across board,” Asaga said.
Low demand for the product necessitated the global oil price reduction. In the Ghanaian oil market industry, a litre of petrol costs GH¢3,50 while that of diesel is pegged at GH¢2,97. However, the new global market oil price costs $47,52 from $48,69 per barrel of Brent crude oil.
SOURCE: CAJ News Agency