Prices of fuel have been reduced at the pumps with petrol going down two per cent effective February 1, 2016, the National Petroleum Authority (NPA) has confirmed.

There is also a 4% reduction in diesel with Liquefied Petroleum Gas (LPG) users enjoying the most as the commodity records a 9% decrease.

Per the reduction petrol will be selling at GHC3.393 per litre from GHC3.465 while diesel goes for GHC3.151 from GHC3.281 at some filling stations.

The Chief Executive of the NPA Moses Asaga noted the reduction was due to the Cedi’s relative stability as well as happenings on the world market.

“The FOB [Free on Board (or Freight on Board] prices on the international market have remained stable because there is still more stock so there is more supply than demand as well as petroleum products are concerned, and again because the Cedi has not depreciated remarkably it has not affected the prices,” Asaga told Accra-based Citi FM, Sunday.

The reduction in petroleum products is coming in less than a month when fuel prices went up between 22 per cent and 27 per cent at the pumps following the passage of the Energy Sector Levy by Parliament in December 2015. Price of Liquefied Petroleum Gas also went up by about 18 per cent.

Meanwhile, transport fares have gone up by 15%.