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12 June 2016

Ghana’s fuel imports down by $1bn

Government in 2015 capitalised on the fall of crude oil prices on the international market and maintained fuel prices high.

Ghana's fuel imports drop to %1.9bnImport bill of petroleum products plummeted by 1.1 billion dollars in 2015, The Finder Newspaper reported Wednesday.

It is unclear how much of it is attributed to the wind fall profit since consumers of petroleum products paid more despite calls for it to be reduced after crude oil prices tumbled to $32.00 last year.

Government in 2015 capitalised on the fall of crude oil prices on the international market  and maintained fuel prices high.

According to the newspaper, the drop “is a clear manifestation that the high prices Ghanaians are paying for petroleum products is not justified.”

Over 3.7 million (3,708,904.815) metric tonnes of petroleum products at the cost of over %1.9 billion was imported in 2014, compared to 3,678,049.650 metric tonnes at the cost of 3 billion in 2015.

This means that even though the country imported 30,855.165 metric tonnes more in 2015 than in 2014, the import bill dropped by over $1.1 billion (1,140,774,743.01) due to drastic fall in the price of crude oil on the world market, The Finder reported.

A bulk of the imports, about 74 percent, was by the Bulk Oil Distribution Companies (BDCs) while government institutions imported the remaining 25 percent, the paper cited a data from the National Petroleum Authority.

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