Petroleum margins have been reduced by 8 pesewas by the National Petroleum Authority (NPA).
This follows a meeting between the NPA, the Energy Minister Dr. Mattew Opoku Prempeh, the Association of Oil Marketing Companies;,Bulk Oil Storage and Transportation Company, the Chamber of Petroleum Consumers and the Institute for Energy Policies and Research.
In a joint statement, the above parties said the 8 pesewas reduction will take effect from Wednesday, May 5, 2021.
“The 17 pesewas per liter increase in fuel margins previously announced by the NPA has been reduced to 9 pesewas per liter, effective from tomorrow Wednesday 5th may, 2021.”
The reduction in petroleum margins will, however, not stop the expected increase in transport fares this week.
The Ghana Private Road Transport Union (GPRTU) has already announced that lorry fares will go up by between 10 to 15 per cent effective Thursday.
“We should also realised that we are not just looking at fuel prices but other cost components that have been increased recently,” General Secretary of the GPRTU, Godfred Abulbire, said.
A section of Ghanaians have been venting their anger on Twitter over the last four days in protest of poor governance and the high cost of living in the country.
This follows an increase in fuel prices, Liquefied Petroleum Gas (LPG) prices as well as a water crisis in some parts of the country.
Some Ghanaians are also currently bearing the brunt of an intermittent supply of power, locally referred to as ‘Dumsor’.
Meanwhile, call and data charges have also been increased due to the increase in the National Health Insurance Levy by the government.
All these have culminated in a frustrated public, with some Ghanaians taking to Twitter to vent their frustrations.