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Finance Minister, Ken Ofori- Atta has announced a total of 15 pesewas reduction in fuel prices at the pumps. These are part of measures to minimize the impact of rising oil prices on the international market. The average ex-pump price of diesel and petrol has increased by as much as 57 and 45 percent respectively between January and now. This has significantly impacted inflation. The latest reduction should see petrol reduce by 1.6 percent and 1.4 percent for diesel.

Addressing journalists earlier today, the Minister admitted the rising prices of fuel at the pumps are affecting the current rate of inflation. The situation is said to be due to the rising price of fuel on the international market and the exchange rate depreciation. Although the rise in fuel prices should come as good news considering that Ghana is a net exporter of crude, Ghana’s import of petrol amounts to 5.2  times the value of proceeds from exports.

In 2021, Ghana exported 3.947 billion dollars of crude oil of which Ghana’s portion was 513 million dollars. However, Ghana imported 2.7 billion of crude and finished products according to Ken Ofori-Atta. The reduction is expected to take effect from April 1, while additional measures to help stabilize the cedi are expected to reduce the price further.

 

More to follow soon…….