May 22, 2022

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Gasoline costs decreased via 15 pesewas in line with litre efficient April 1

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Gasoline costs in Ghana will cross down via 15 pesewas in line with litre efficient April 1, 2022. This aid can be in position for 3 months.

This was once disclosed via the Minister of Finance, Ken Ofori-Atta, on Thursday, March 24, 2022, whilst saying measures installed position via the federal government to cushion Ghanaians in opposition to present financial shocks.

“To mitigate the emerging value of petroleum merchandise on the pumps, for the following 3 months, the federal government has made up our minds to cut back margins within the petroleum value build-up via a complete of 15 pesewas in line with litre with impact from 1st of April,” he mentioned.

“BOST margin decreased via 2 pesewas in line with litre, unified petroleum pricing fund margin decreased via 9 pesewas in line with litre, gas markin margin decreased via 1 pesewa in line with litre, number one distribution margin decreased via 3 pesewas in line with litre. Those are anticipated to cut back the cost of petrol via 1.6 % and diesel via 1.4 %. We wait for the measures taken to stabilise the foreign money will lend a hand additional stabilise the costs on the pumps,” Mr. Ofori-Atta added.

He mentioned, along with the aforementioned measures, the Nationwide Petroleum Authority and the Ministry of Power are in talks with the more than a few Oil Advertising and marketing Firms (OMCS) “to cut back their margins within the spirit of burden-sharing”.

Costs of petroleum merchandise have skyrocketed inside the previous few days.

Diesel is lately promoting between GH¢10 and GH¢11 in line with litre, whilst the cost of petrol has crossed the GH¢9 mark at some gas stations.

This has resulted in an upsurge typically costs. A contemporary document launched via the Ghana Statistical Provider famous that petroleum and meals costs are the foremost using forces of inflation in Ghana lately.

Delivery operators also are proposing to extend fares via 20% following the upward push in gas costs once they ultimate larger fares in February this yr.

This has pressured Ghanaians and identifiable teams to position drive at the executive to cut back some levies on petroleum merchandise to cushion gas customers.

Emerging crude responsible for the upsurge in gas costs

Mr. Ofori-Atta attributed the pointy upward push within the costs of petroleum merchandise at the Ghanaian marketplace to the upsurge within the costs of crude at the international marketplace.

“The emerging costs of gas on the pumps is influenced in large part via the emerging crude oil costs at the global marketplace and the trade fee depreciation. Even though the upward push in crude oil costs must were to our get advantages on a internet foundation, Ghana’s import of petroleum merchandise quantities to five.2 instances the worth of the proceeds from its crude oil exports. In 2022, we exported $3,947.70 million, of which Ghana’s portion was once $513 million. Then again, we imported $2,719.00 of crude oil and completed merchandise. The purported providence achieve in foreign currencies is a mirage. From January so far, the common ex-pump value of diesel and petrol has larger via 57% and 45% respectively.”

How a lot will gov’t lose via decreasing margins on gas costs?

The federal government lately makes GH¢1.90 from a litre of gas bought on the pumps, in step with the Minister of Knowledge, Kojo Oppong Nkrumah.

Following the aid within the margins on petroleum merchandise, the federal government will nonetheless be making about GH¢1.75 on every litre of gas bought. This isn’t the primary time the Akufo-Addo executive is freezing margins that accrue to it in a bid to cut back the costs of gas.

The federal government within the latter portions of 2021 suspended the Value Stabilisation and Restoration Levy for 3 months.