Petroleum prices go down

Accra (Greater Accra Region) 12 Oct. 1998 The Bulk Oil Storage and Transportation (BOST) Company Limited has announced a slight reduction in gas oil prices and maintained premium prices at their February levels.

The prices which take effect from October 12, cover ex-depot wholesale and retail prices for petroleum products.

A BOST statement, signed by Dr Kwabena Donkor, Manager, said Premium Gasoline (Petrol) would continue to sell at the present price of 744.44 cedis per litre while gas oil has been reduced from 722.22 Cedis to 711.12 cedis per litre.

Kerosene will slightly go up from 493.2 to 500 cedis per litre with the price of Liquefied Petroleum Gas (LPG) decreasing from 828.40 to 820 cedis per litre.

The government in 1996 embarked on a programme to deregulate the supply and distribution of petroleum products and re-introduce a system of competitive tendering for the procurement of crude oil and petroleum products.

The programme also aims at introducing a more transparent ''import parity'' based system for setting and adjusting ex-refinery prices for petroleum products.

It is hoped to improve cost effectiveness in the bulk oil storage and transportation of petroleum products nation-wide taking advantage of the newly constructed network of depots.

It will also promote competition in petroleum product marketing and retailing activities of the marketing companies, thereby providing scope for new entrants into the industry and the elimination of fixed ex-pump prices.

The network of depots are in the Accra plains, Mame Water in the Volta region, Akosombo, Buipe in the northern region, Bolgatanga, Kumasi and Takoradi. GRi