Parliament has passed the Special Petroleum Tax Amendment Bill 2018.

The Bill seeks to change the tax rate from an ad valorem to a specific amount.

Presenting the report of the Finance committee on the amended bill, the chairman of the finance committee of parliament, Dr. Mark Assibey Yeboah said it is the expectation that from today the ex-pump price of petrol will go down by 3.39% and diesel will also be reduced by 4.14%.

In an interview with GBC's Radio Ghana, a deputy finance minister, Kweku Kwarteng said the reduction will relieve consumers of the burden of double taxation.

He said drivers will, in the long run, make some savings.

Mr. Kwarteng said government hopes to recoup the lost revenue from the tax cut from an enhanced business climate.