Fuel Prices To Be Reduced By 1 Cedi

Fuel prices are set to reduced further by up to GH¢1 per litre after successful meetings with the Bank of Ghana. The meetings, according to the CEO of CBOD, Senyo Hosi, has successfully dealt with forex challenges.

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Fuel Prices To Be Reduced By 1 Cedis

The Ghana Chamber of Bulk Oil Distributors (COBD) has revealed the GH¢1 per litre reduction has been made possible after negotiation with the central bank dealt with exchange challenges.

This was made known with the statement “we will be looking at something close to a cedi under litre or half a cedi under a litre.”

There has also been talks with the central bank on reducing recurrent fuel prices which has resulted in the release of $160 million to the entire energy sector.

Discussions are also ongoing to formulate an airtight and sustainable strategy on how to beat the effects of the cedi depreciation on the deregulated pricing of petroleum products.

There has been record increases in the price of crude on the global market due to the Russian-Ukraine war and Ghana’s depreciating cedi and the many taxes on fuel has driven up the price sharply.

The government is also committed to scraping some of the taxes on petroleum products to push fuel prices downwards.

The finance minister was eaelier criticised when he announced the removal of the 15 pesewas of taxes. Many felt it was insignificant.