Prices of petroleum products have dropped between 3% and 6% as of 1 August 2022, marking the second consecutive decline in fuel prices since oil p
Prices of petroleum products have dropped between 3% and 6% as of 1 August 2022, marking the second consecutive decline in fuel prices since oil prices began to fall on the global market.
According to the Chamber of Petroleum Consumers (COPEC), the expected reduction will have been bigger, but for the depreciation of the Ghana cedi against the U S dollar.
“What, we picked from the market for the first window of August [2022] is an indication that prices at the pumps should have gone down significantly. The unfortunate thing at this point happens to be with the currency [cedi]. As I speak with you, over the two weeks window, the forex has seen some depreciation,” the executive secretary of COPEC, Duncan Amoah, said.
Checks by Asaase Business at the pumps on Monday show that the price of petrol has dropped by 0.35 pesewas and is now retailing for less than GHC11, currently at GHC10.95, while diesel is selling for GHC13.26, a 0.36 pesewas decrease.
Abass Ibrahim Tasunti, who was speaking to Citi Business News on the sidelines of an NPA media interaction in Takoradi assured that the NPA would be monitoring the pumps to see if fuel stations are complying with the pricing formula in changing their fuel prices.
“The fuel price changes are influenced by changes of the price on the world market and the exchange rate in particular. We have seen reductions at the pumps in the past one month purely because the world market prices have dropped.
“In the next window in which we are going into, we have observed that the price of petrol and diesel have gone down again, and therefore we expect some price reductions at the pumps in the next window which starts from the 1st of August,” he added
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