Home / BUSINESS NEWS / Market / Gold-for-Oil petrol was sold at GH¢9.60, cheaper than products of most BIDECs – NPA

Gold-for-Oil petrol was sold at GH¢9.60, cheaper than products of most BIDECs – NPA

According to the authority, the Gold-for-Oil fuel products are cheaper than most of the products brought into Ghana by Bulk Import, Distribution and Export Companies (BIDECs).

In a statement issued, on Thursday, March 23, 2023, the NPA said that while Gold-for-Oil petrol was sold to Oil Marketing Companies (OMCs) at GH¢9.60 per litre, most BIDECs sell their petrol between GH¢9.63 per litre and GH¢11.50 per litre.

Diesel was sold at GH¢10.10 per litre under the Gold-for-Oil programme but BIDECs sold their products to OMC between GH¢10.13 per litre and GH¢11.50 per litre.

“Reference is made to comments made by Dr. Theo Acheampong on the Joy Newsfile Programme on Saturday, 18th March 2023, indicating that the prices of petroleum products being sold under the Gold for Oil (G40) programme are higher than those from other sources.

“We would like to state that the claim is inaccurate and may be based on inadequate information available to him, at the time. Information on the sale of petroleum products by Bulk Import Distribution and Export Companies (BIDECs) to Oil Marketing Companies (OMCs) depicts that a significant volume of products are sold above the C40 prices

“For instance, on the 16th and 17th of March, many of the BIDECS sold petrol to OMCs at ex-refinery prices ranging from GHS9.63/Lt to GH511.50/Lt which were above the G4O price of GHS9.60/Lt Diesel was sold at prices ranging from GHS10.13/Lt to GHS11.50/Lt also above the G40 price of CHS10.10/Lt,” parts of the statement read.

The authority also insisted that the Gold-for-Oil programme is bringing down the prices of fuel products in Ghana.

“It is worth noting that the implementation of the G40 Programme has significantly driven market prices down. The gap between the price of the first consignment of G40 diesel which arrived in January and the market prices was about GHS1.00 per litre. However, this gap has closed due to the competition the G40 programme has created,” the NPA said.

Read the full statement by the NPA below:

Source: www.ghanaweb.com

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