The Association of Oil Marketing Companies has urged consumers of petroleum products to remain calm as it works to ensure all members comply with the latest reduction in the price of fuel.
This follows a directive by the Energy Minister Dr. Mathew Opoku Prempeh to the National Petroleum Authority (NPA) to reduce the 17 pesewas per litre increase in fuel margins it introduced on May 1, 2021, to 9 pesewas per litre.
Speaking on the Citi Breakfast Show on May 5, 2021, the Chief Executive Officer of the Association of Oil Marketing Companies, Kwaku Agyemang Duah, said most OMCs across the country will revise their prices by close of day today.
“It is early days. There are some who already revised their prices on the 1st of May and have to readjust to reflect the reduced prices announced yesterday. There are others who are yet to do so. So we need some time.”
“By close of work today, we will have a lot more of our members complying with the new directive.”
The government proposed a 5.7 percent increment in prices of petrol and diesel as part of new levies it is imposing on Ghanaians.
Until the recent increment, figures from the pumps showed that prices of petrol and diesel, which were both selling at an average price of GHS 4.7 per litre in December 2020, had risen to an average of GHS 5.74 as of mid-March 2021.
Currently, some Oil Marketing Companies (OMC) are displaying GHS 6.13 per litre of fuel at the pumps.
Fuel prices in the country have consistently seen a steady increase since the beginning of the year, sparking fears that consumers may end the year paying an all-time high rate per litre.