Oil marketing giant, GOIL has reduced its petrol price by a margin of 10 percent.
The reduction comes as the two weeks partial lockdown of Kumasi, Accra, Tema, due to the outbreak of coronavirus enters its fourth day.
The reduction is taking effect at all its pumps with Diesel XP now selling at GHC4.32 and Super XP at GHC4.32, respectively. Petrol consumers who are facing tough times economically due to the virus situation, stand to save some money for other essential expenses at this critical time.
The price of gas has also recorded a significant reduction. The reduction is happening at a time when the National Petroleum Authority (NPA) has introduced a Ghp13.5 Cylinder investment Margin, to help the LPGMCs offset aspects of the cost involved in procuring and branding cylinders for the new energy policy (the Cylinder Recirculation Model) Our checks also indicate that the Fuel Marking Margin remains at Ghp3.
Duncan Amoah, Chief Executive Officer of the Chamber of Petroleum Consumers Ghana (COPEC Ghana), has hailed the 10 percent reduction. Giving his reaction to the reduction in prices in an interview, Mr Amoah says the Chamber least expected a 10 percent reduction, saying “10 is just good enough.”
He said COPEC was looking at a five percent reduction and therefore urged other Oil Marketing Companies to follow suit. He also encouraged GOIL and other players in the industry to sustain the reduction after the coronavirus pandemic so consumers can really benefit.
Meanwhile, he encouraged OMCs to ensure the protection of their co