Gov't approves petroleum-pricing formula

Government approved the petroleum pricing formula that will adjust ex-refinery prices automatically in line with international oil prices and exchange rate of the cedi.

A statement from the Energy Ministry, signed by Mrs. Veronica Wiredu, acting Chief Director said this is in fulfilment of the commitment made by the Minister of Energy on February 23, 2001 to publish a formula that will adjust the ex-refinery prices automatically, based on the principle of full cost recovery.

The statement said consequently, the formula was developed and discussed with all stakeholders for use, to determine the ex-refinery prices on monthly basis.

It said, the Ministry will publish the petroleum products pricing policy and the details of the pricing formula, latest by the end of June this year.

"In order to ensure proper understanding and transparency, the Ministry will conduct public forum and workshops to educate the general public so that every Ghanaian living everywhere would be able to do their own calculations to verify future adjustment in ex-refinery prices," it said.