Fuel prices at the pumps have been reduced by 8 pesewas per litre effective Wednesday, May 5, 2021.

This means that the recent 17 pesewas per litre increase announced by the National Petroleum Authority (NPA) has been reduced to 9 pesewas per litre.

It takes effect from Wednesday, May 5, 2021.

This was made known in a communique issued on Tuesday, May 4, 2021 by the stakeholders in the fuel sector at a meeting held at the Ministry of Energy between the Minister of Energy, Dr Matthew Opoku Prempeh and the National Petroleum Authority (NPA), the Association of Oil Marketing Companies (AOMCs), Bulk Oil Storage and Transportation Co Ltd (BOST), the Chamber of Petroleum Consumers (COPEC) and the Institute for Energy Policies and Research (INSTEPR).

"The 17 pesewas per litre increase in fuel margins previously announced by the NPA has been reduced to 9 pesewas per litre effective tomorrow Wednesday 5th May 2021," the communique said.

The communique was signed by the Minister of Energy, NPA, BOST, AOMCs. COPEC and INSTEPR.

The development followed a request by the Minister of Energy for a round table discussion to revise certain components on the price build up.