Oil marketers have taken a giant stride by reducing downward pump price of petrol, diesel and kerosene by Le1, 500; while fuel also attracted a deduction of Le 1, 187.44 cents.
Pronouncing the reduced prices at the Headquarters of the National Petroleum,(NP) the Marketing Manager Sidi Bakarr said, “the oil industry has always promised to adjust pump prices as and when the combined effect of both the local exchange rate and the international market price for oil indicates an upward or downward trend”.
He notified that changes have taken place in the international market since the last price increase in May 2008.
The pump price of petrol, diesel and kerosene have been reduced from Le16, 500 to Le,15,000 per gallon and fuel oil from Le9,605, 57 cents to Le8,418.13 cents per gallon.
Explaining further, the Assistant Director of the Petroleum Unit, Sabieu Conteh disclosed that “since the last increase, there should have been a further increase which should have taken pump price up to about Le19, 000, especially for diesel”.
However, he said, “Government and the Oil Marketing Company decided to subsidize the pump price so that they would remain as they were at Le16, 500, up to the review,” stressing further that, “we would continue to watch the trend, and when the trigger mechanism calls for a further review we shall do so accordingly”.
The same for an upward trend, he emphasized, while assuring that “we have got adequate stock of all products and the marketers have assured that they would continue to import to avoid any stock out in the market”. With the reduction in the pump prices, commuters were expecting a huge reduction in transport fares, but rather surprising it attracted only a ten percent reduction; at Le900 for town drive. Most commuters Awoko interviewed expressed delight that the oil companies reduced the pump price, but lamented that they were expecting the commercial sector to have justified the action of the oil marketers by further reducing transport fares in the city.
Other oil marketers at the price reduction event were Guss Smith of Safecon and Ernest Gotosa, Managing Director of Total.
By Samuel John