Petrol price down by 2%

Petrol price down by 2%

The National Petroleum Authority (NPA) has announced a reduction in prices of petroleum products.

Effective today, Febraury 1, 2016 petrol will sell at Gh¢3. 393 per liter from Gh¢3. 465, representing a 2 % decrease.

Diesel users will enjoy a 4% reduction while Liquefied Petroleum Gas (LPG) users enjoying the most as the commodity records a 9% decrease.

According to the Chief Executive of the NPA, Moses Asaga the reduction was due to the Cedi’s relative stability as well as happenings on the world market.

“The FOB [Free on Board (or Freight on Board] prices on the international market have remained stable because there is still more stock so there is more supply than demand as well as petroleum products are concerned, and again because the Cedi has not depreciated remarkably it has not affected the prices,” Asaga told Accra-based Citi FM.

But Mr. Asaga has also expressed disappointment in transport unions in the country; he opined that the  transport unions acted in bad faith, by sidestepping their negotiation plan to announce new fares.

READ ALSOPassengers to pay more for transport effective today

In an interview with Citi FM, he expressed shock and surprise by the announcement of 15% increase in fares.

“For me, it’s a betrayal, when three parties are having a negotiation and we haven’t come to any conclusion and we have agreed that on Monday there is going to be a meeting and you suddenly jump up to go and announce new prices, especially when we know that this is even coinciding with diesel prices going down by 4 to 5 percent,”  he said.

Transport operators in the country on Sunday increased fares by 15 percent.


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