Managing Director of the Bulk Oil Storage and Transportation Company Limited, Edwin Provencal has said consumers of gasoline (petrol) should soon expect at least a GH¢1 reduction in prices at the pumps.

According to him, the reduction will be based on the delivery of additional consignment of gasoline and diesel from government’s Gold-for-Oil programme.

Speaking in an interview with Accra-based Asaase Radio and monitored by GhanaWeb Business, the BOST MD explained that, “the first consignment of the diesel has arrived in the country and we are looking at bringing two cargoes of gasoline and two cargoes for diesel for February”

"In March, we will ramp it up to five cargoes and depending on how the economic indicators work out in the country where demand and supply will determine how whether we ramp it up to more cargoes...but I can tell you for a fact that we are working on the pricing with the National Petroleum Authority where there will be a huge reduction of at least GH¢1 at the pumps for petrol”

Further touching on a possible reduction for diesel, Edwin Provencal said that although a 50 pesewas reduction has taken effect in the first pricing window of February [2023], consumers should further expect some reduction in the commodity.

Meanwhile, following the appreciation of the cedi against the dollar during the 2022 festive season into the New Year, prices of petroleum products have begun to surge at various pumps across the country.

Government however believes that the full implementation of its Gold-for-Oil programme would help address the cedi’s depreciation against the US dollar as well as allow consumers to purchase fuel at reduced prices.

MA