Fuel Prices to Reduce Next Week – COPEC

Fuel Prices to Reduce Next Week – COPEC

Fuel prices are expected to be reduced by Monday, November 14, 2022, according to the Chamber of Petroleum Consumers (COPEC).

Fuel prices, including diesel and gasoline, have recently risen. Diesel is currently selling for more than GH23, while petrol is priced around GH18.

However, in an interview on Joy Prime on Prime Morning on Wednesday, the Chamber’s Executive Secretary, Duncan Amoah, indicated that measures are being put in place to help subsidise rising prices.

“We will be expecting diesel to drop from GH¢23 to somewhere around GH¢21.19, and the petrol will also drop from GH¢17.99 to somewhere GH¢17.10 or GH¢17.00.

“All things being equal, diesel could go down by GH¢2.00 a litre and petrol could go close to a cedi per litre based on the forex numbers that we have picked over the past one week,” he said.

Mr. Amoah stated that the increase is due to a 422% increase in petrol taxes within the year. He said that the National Petroleum Authority (NPA) should not be blamed for the price increase; rather, he believes it is the result of government’s mismanagement.

Consequently, he wants the government to keep the increase in petroleum taxes to a minimum, claiming that it will result in job losses in the petroleum sector.

Meanwhile, Mohammed Abdul-Kudus, Public Relations Officer at the National Petroleum Authority (NPA), believes that the price increase should be blamed on cedi depreciation rather than taxes.

Deregulation of fuel prices, he stressed, distorts communication between the Authority and Oil Marketing Companies (OMCs) when some companies’ prices differ.

He explained, “Another thing that has not helped us to a large extent has been the instability of our currency. We all know the dynamics in the management of forex around the francophone countries that normally guarantee them a certain stability on their currency.”

Mr. Abdul-Kudus believes there would not be changes in prices even when the government subsidises the prices of products.

Source: Energy Ghana




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