Pulse Business can confirm that fuel prices at major Oil Marketing Companies (OMCs) pumps have been reduced for the second consecutive time this month; March.
This reduction comes as a result of the recent tax cuts announced by the government in the 2017 budget.
During the second pricing window for March, prices of petroleum products fell between 1 and 3 percent.
READ ALSO:NPA tells OMCs to reduce fuel prices.
On Thursday, March 16, 2017 the National Petroleum Authority directed all Oil Marketing Companies to adjust their prices to reflect the tax cuts effective.
Per the directive, the OMCs are supposed to reduce to reflect the 2.5 percent reduction in the Special Petroleum Tax rate from 17.5 to 15 percent and the scrapping of the Excise (Petroleum Taxes and Petroleum Related Levies).
READ ALSO:GOIL reduces fuel prices
Below is the prices adjustment made by some OMCs to reflect the tax cuts
At total for instance, a litre of petrol has dropped from 4 cedis 39 pesewas to 4 cedis 19 pesewas. Also, a litre of diesel has dropped from 4 cedis 25 pesewas to 4 cedis 15 pesewas. This represents a reduction of 4.5 and 2.4 percent respectively.
READ ALSO:Fuel prices drop by 2%
Goil has reduced the price of a litre of petrol from 4 cedis 26 pesewas to 4 cedis 18 pesewas while a litre of diesel has dropped from 4 cedis 22 pesewas to 4 cedis 17 pesewas.
At Shell, a litre of petrol has declined from 4 cedis 31 pesewas to 4 cedis 18 pesewas with a litre of diesel dropping from 4 cedis 26 pesewas to 4 cedis 17 pesewas.
Meanwhile checks at Engen Oil and Champion Oil have revealed that prices have dropped between 1 and 3 percent.
Champion Oil is selling a litre each of petrol and diesel at 4 cedis 25 pesewas and 4 cedis 20 pesewas respectively.
Also, Engen Oil is selling a litre each of petrol and diesel at 4 cedis 17 pesewas.
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