Government fails to reduce petrol prices

Government is not reducing the price of petrol despite reducing the prices of LPG and Diesel which takes effect starting December 1.

In a document cited by Ghanaweb.com, signed by the Minister of Energy, Boakye Agyarko, revealed that prices of Petrol will continue to sell at GHC 12.00 at pump stations per litre.

The Statement also stated that the prices of LPG and Diesel at the pump will be reduced by 70 percent, going for GHC 3.00 instead of the previous price GHC 12.00 respectively.

Energy Minister, Boakye Agyarko in the letter also indicated that ‘the Ministry of Energy deems it necessary to apply the price stabilization mechanism provided for under the Energy Sector Levies Act 2015, (Act 899).’

One of the purposes of the Price Stabilization and Recovery Levy (PSRL) under the Energy Sector Levies Act 2015, (Act 899) is to provide price stability for consumers at the pump in times of rising prices of petroleum on the international market.

The upward reviews in the prices of petroleum products are usually influenced by the rising price of crude oil on the international market.

Although Government said it’s determined to ensure price stability with the view to giving comfort to the Ghanaian people they are not willing to reduce the price of Petrol on the Ghanaian market.

Read the full statement below