Pulse Business can confirm that fuel prices at major Oil Marketing Companies (OMCs) pumps have been reduced for the second consecutive time this month; March.
On Thursday, March 16, 2017 the National Petroleum Authority directed all Oil Marketing Companies to adjust their prices to reflect the tax cuts effective. Per the directive, the OMCs are supposed to reduce to reflect the 2.5 percent reduction in the Special Petroleum Tax rate from 17.5 to 15 percent and the scrapping of the Excise (Petroleum Taxes and Petroleum Related Levies). Below is the prices adjustment made by some OMCs to reflect the tax cutsAt total for instance, a litre of petrol has dropped from 4 cedis 39 pesewas to 4 cedis 19 pesewas.
Meanwhile checks at Engen Oil and Champion Oil have revealed that prices have dropped between 1 and 3 percent.
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