A fall in inflation coupled with the strengthening of the cedi and the falling of prices of fuel on the international market should spur a further reduction in the price of fuel at the pumps for consumers, Ghana’s Deputy Minister of Information Pius Enam Hadzide has said.
The prices of petrol, diesel, Liquefied Petroleum Gas (LPG) are expected to fall by 5.8%, 4.8, and 2.4%, respectively.
Addressing journalists on Monday, 17 December 2018, Mr Hadzide said: “Fuel prices which have also been experiencing an upping over a 2-month period have also been on a gradual decline in recent weeks.
“The government further expects a drop in fuel prices by an average of 5.8% reduction for petrol, 4.8% for diesel 2.46% reduction for LPG.
“This is occasioned by the marginal strength of the cedi and the prices around the world.
“These reductions come on the back of several other interventions including the reduction in some 14 tax handles, reduction in electricity tariffs, reduction in taxes of petroleum products from 40% to 26%”, he said.
The year-on-year inflation, he said, reduced from 9.5 per cent in October 2018 to 9.3 per cent in November – the lowest in six years.
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