Oil Marketing Companies (OMCs) on Thursday reduced prices of petroleum products in conformity with the de-regulation of petroleum products which took effect from June 16.
The reduction was attributed to the marginal appreciation of the local currency to the cedi and fall in world crude oil price during the third de-regulated pricing regime for the period of July 16 to July 31.
A number of OMCs have reduced the price from GH₡ 3.97 per litre for petrol to GH₡ 3.53 per litre and GH₡ 3.73 to GH₡ 3.14 per litre for diesel.
The survey by Ghana News Agency (GNA) showed that Ghana Oil Company Limited (GOIL), the only indigenous downstream oil marketing company in the country still maintained marginal subsidy on petroleum product.
GOIL reduced the price of petrol from GH₡ 3.79 per litre for petrol to GH₡ 3.46 per litre and diesel from GH₡ 3.73 per litre to GH₡ 3.07 per litre.
Engen Ghana Limited is quoting GH₡ 3.46 per litre for petrol and GH₡ 3.14 per litre for diesel; Universal Oil is also quoting GH₡ 3.48 per litre for petrol and GH₡ 3.14 per litre for diesel; and Shell Ghana Limited is quoting GH₡ 3.49 per litre for petrol and GH₡ 3.10 per litre for diesel.
Quantum Oil is also quoting petrol at GH₡ 3.51 per litre and diesel GH₡ 3.12 per litre; Crown Oil is quoting GH₡ 3.54 per litre for petrol and GH₡ 3.15 per litre for diesel; and Top Oil pegged its price at GH₡ 3.40 per litre for petrol and GH₡ 3.14 per litre for diesel.
Others are Allied Oil GH₡ 3.45 per litre for petrol and GH₡ 3.06 per litre for diesel; and Total Ghana is quoting GH₡ 3.53 per litre for petrol and GH₡ 3.14 for diesel.
The OMCs are quoting price differentiation of GH₡ 0.10 and GH₡ 0.20 per litre.
The National Petroleum Authority (NPA) on June 16, issued a statement signed by the Chief Executive Officer, Mr Moses Asaga, announcing the first process towards the implementation of the petroleum product price deregulation.
The price was increased by four per cent on June 16, on July 2 and increased by 15 per cent and July 16, reduced by 24 per cent.
“The implementation of this first stage of price deregulation will continue into subsequent pricing windows while the Authority reviews the existing legal framework of petroleum products, pricing towards a smooth implementation of the full steps of petroleum products price deregulation in Ghana,” the statement said.
The OMCs have displayed their ex-pump prices at their retail outlets, to allow the NPA monitor “the application of the Prescribed Petroleum Pricing Formula, to ensure that all petroleum service providers apply the formula in the right way defaulters would be duly sanctioned”.
The NPA has subsequently directed OMC and LPG Marketing Companies (LPGMCs) to submit their indicative ex-pump prices to NPA two days before every pricing window.
The indicative ex-pump prices submitted by an OMC or LPGMC would represent its maximum indicative price for the two week period – first to 15 and 16 to the end of the month.
In a directive to the OMCs, Bulk Oil Distributing Companies (BDC) and other industrial stakeholders signed by Mr Jacob Amuah, NPA Technical Director for the Chief Executive and copied to the Ghana News Agency in Accra said.
The directive tagged: “Interim Guidelines for Petroleum Service Providers under price deregulation,” tasked service providers to adhere strictly to the guidelines to ensure effective transition and smooth implementation of the price liberalisation regime.
The NPA directives also warned Petroleum Service Providers that they cannot price its ex-refinery or ex-pump price higher than the maximum indicative price set for a specific pricing window.
“However, it can revise its ex-pump prices downward within the pricing window if the Petroleum Service Provider chooses,” the statement stated.
The NPA also direct all Petroleum Service Providers to ensure that ex-pump prices of products remains the same at all its retail outlets throughout the country at any given particular period.