Ghana's Energy Ministry assures of a significant drop in fuel prices in the next pricing window

March 10, 2020 5:41 PM

Ghana’s Energy Ministry has assured the earliest possible review of fuel prices at the opening of the next pricing window.

Ghana's Energy Ministry assures of a significant drop in fuel prices in the next pricing window

According to the ministry, the move will be effective on March 16 at the various furl pumps in the country.

The Head of Communications and Public Affairs at the Energy Ministry, Nana Damoah speaking at the Accra based Citi FM noted that “there will be some significant reduction on the prices of fuel at the pump” when the window opens.

This wait till March 16 is in line with Ghana’s deregulation policy, Mr Damoah, explained.

“We can only review prices over two weeks. The next pricing window opens up on the 16th of March 2020. The government, therefore, cannot intervene at this point to cause a reduction in prices against the stated policy of deregulation.”

The Ministry’s comments are in response to calls for a reduction in fuel prices by, among others, the Chamber of Petroleum Consumers (COPEC) and the National Democratic Congress after oil prices saw their 30 percent drop on Monday, March 9, 2020, the lowest since 1991