Engen Ghana Limited, a subsidiary of PETRONAS in Malaysia, has reduced prices of fuel products by 18 per cent point cumulatively between July 16 and July 22.
Engen Ghana Limited statistics made available to the Ghana News Agency indicated that on July 16, the official National Petroleum Authority’s mandatory date for the fortnight review, Engen Ghana reduced the prices of fuel products by 15.9 per cent, and a further voluntary reduction of about two per cent on July 21.
The reduction is attributed to the marginal appreciation of the cedi to the dollar, and a fall in world crude oil price during the third de-regulated pricing regime for the period of July 16 to July 31.
A number of Oil Marketing Companies (OMCs) reduced the price from GH¢3.97 per litre for petrol, to GH¢3.53 per litre and GH¢3.73 to GH¢3.14 per litre for diesel.
In an interview with the Ghana News Agency in Accra, Mr. Henry O. Akwaboah, Engen Ghana Managing Director, said the competitive pricing regime being offered by the company was in conformity with global Engen’s commitment to fulfil its vision of becoming the Oil Company of Choice in sub-Saharan Africa.
Mr. Akwaboah said Engen Ghana was also offering Ghanaians new products, such as Dynamic Diesel, Primax, Extreme 5 w 40, Syntium 5 w 40, Readymix Coolant, and Engen 1Card.
He explained that: “Customers expect the most from every tank; want more power, extra kilometres and extended engine life.
“After extensive research we set out to develop fuels that would not only satisfy all our customers’ requirements but exceed them.”
He said some industrial players had made motorists to believe that they needed to choose between fuel that satisfied performance and fuel that met demands of the economy.