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“Impactful News: Oil Marketing Companies (OMC) Set to Experience Fuel Price Reduction, Confirms IES”

According to a press statement from the Institute for Energy Security (IES), Oil Marketing Companies (OMCs) are expected to experience a slight reduction in prices during the second pricing window. The IES report suggests that the price of gasoil could decrease by 4.26%, resulting in a new price of around GH¢15.25 for the month of February. This is a drop from the previous price of GH¢15.90

All gas stations are expected to sell Liquefied Petroleum Gas (LPG) at a price of GH¢13.51 per kilogramme, according to the Institute for Energy Security (IES). The IES has attributed the reduction in gasoil prices to the government’s Gold-for-Oil programme, and in a statement, the institute stated that gasoil prices dropped by approximately 4.26% from GH¢15.90 to around GH¢15.25 in the second week of the pricing window as a result of government intervention to set the price. At the end of the pricing window, the national averages for gasoline and gasoil were approximately GH¢15.20 and GH¢15.30, respectively. The IES also noted that the changes in gasoil prices were largely due to a directive from the National Petroleum Authority to adjust prices in accordance with the government’s Gold for Oil Policy.

About gold-for-oil programme

The gold-for-oil programme is to allow government pay for imported oil products with gold in a direct barter with gold purchased by the central bank.

The move, announced by Vice President, Dr Mahamudu Bawumia will serve as an intervention to help stabilise prices of fuel products, as well as, reduce pressure on Ghana’s foreign exchange.

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