Fuel prices down by 2% effective today, October 21st, 2014

The price of petrol has been reduced marginally today, but the pain at the pumps will continue to be felt by consumers as the current price of the commodity -- GH¢3.29 per litre -- remains 50 percent above the price at beginning of the year.

The National Petroleum Authority (NPA) cut the previous price by 2 percent to its new level in an announcement yesterday.

This follows recent stability in the exchange rate and the drop in oil price.

Consumers will now pay GH¢14.81 for a gallon of petrol as compared GH¢9.85 in January.

The earlier rapid increase of pump prices in the first half of the year, coupled with the slump in the cedi, fed rising consumer inflation which last month jumped to a near five-year high of 16.5 percent.

The local currency for the first eight months of the year depreciated by 29.8 percent against the dollar on the interbank market, compared to 3.9 percent depreciation in the same period last year.

The NPA also announced marginal decreases in the price of diesel and kerosene. A gallon of diesel which hitherto cost GH¢14.71 will now cost GH¢14.40. A gallon of kerosene will now cost GH¢14.22, down from GH?14.53.

Source: ghanaweb.com