Contrary to calls by the Chamber of Bulk Oil Distributors (CBOD) for prices of petroleum products to be reduced by 25%, Citi Business News checks have revealed various Oil Marketing Companies have only sanctioned a close to 15% reduction in price of petrol.This follows the good performance of the cedi against the dollar and other major Foreign currencies.
The OMCs since June 16, 2015 have increased the prices of various petroleum products by close to 20 percent as the National Petroleum Authority took the first step towards the implementation of the full deregulation of the petroleum downstream sector.
The increases were largely due to the consistent drop of the cedi against the dollar and other major foreign currencies and not due to increases in crude oil prices on the world market.
But since the cedis recovery, there have been several demands for an equal huge reduction in the prices of petrol and diesel.
This has informed the latest reduction in fuel prices ranging between 9 to 14% for petrol and 16% to 20% for Diesel.
A visit to the Goil pump station at Kaneshie showed a 33 pesewas drop in the price of petrol representing a 9.5% reduction.
It is currently selling at 3 cedis 46 pesewas per litre , while it was previously selling at 3cedis 79pesewas per litre.
The price of Diesel has also reduced by 50 pesewas representing a 16.28% drop in price .
It is now selling at 3 cedis 7 pesewas per litre while it was previously being sold at 3 cedis 57 pesewas.
Another pump station Engen, has reduced the prices of the petrol by 49 pesewas per litre representing a 14.18% drop in price.
The Engen pump station here in Adabraka was selling petrol at 3 cedis 46 pesewas while it was previously being sold at 3 cedis 96 pesewas per litre.
The price of Diesel has also reduced by 58 pesewas , thus an 18.4% reduction in price. Petrol is selling at 3 cedis 14 pesewas .
It was previously going for 3 cedis 72 pesewas per litre at Engen pump stations across the country.
At the shell filling station at Kaneshie , the price of petrol has been reduced by 48 pesewas , a 13.8% reduction in price.
Petrol is selling at 3 cedis , 49 pesewas while it was previously selling at 3 cedis 97 pesewas
The price of Diesel went down by 19.85 % and currently selling at 3 cedis 10 pesewas per litre , showing a 62 pesewa drop in price . It was previously selling at 3 cedis 72 pesewas per litre.
Also at the Total pump station at Kaneshie , the price of petrol has reduced by 44.4 pesewas translating into a 12.56% reduction in price.
Petrol is currently selling at 3 cedis 53.5 pesewas while it was previously being sold at 3 cedis 97.9 pesewas .
Diesel has also drop by 58 pesewas which represents an 18.63% reduction in price and is, currently selling at 3 cedis 14.4 pesewas per litre while it was earlier selling at 3 cedis 73 pesewas.
Meanwhile the So Filling Station in Adabraka has maintained the prices of their products.
A visit to the station showed petrol is selling at 3 cedis 99 pesewas while Diesel is selling at 3 cedis 75.
By: Rabiu Alhassan/citifmonline.com/Ghana