Fuel prices to reduce from August 1 – NPA

According to the NPA, this is due to reduction in the world prices of petrol and diesel.

This was disclosed by the Head of Economic Regulation at the National Petroleum Authority (NPA), Abass Ibrahim Tasunti to Accra based Citi FM.

“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.”

“Regarding the level of reduction, because of the deregulated pricing, the percentage changes will vary from company to company. So what we do as regulator is that we will allow the marketer to make their price changes and as we will monitor to see whether they follow the pricing formula in changing their prices“, he said.

The Chamber of Petroleum Consumers predicted a decline in the prices in the middle of July.

That means in nominal terms, between 50 to 70 pesewas per liter reduction of petrol and diesel will be witnessed at the pump.

Chief Executive of Chamber of Petroleum Consumers, Duncan Amoah, said there is every indication that fuel prices will decline by some 5% between the two products – petrol and diesel.

Chief Executive of NPA, Dr. Mustapha Abdul-Hamid Pulse Ghana

This decline, according to him, will be of great relief to consumers following the consistent hike in the past months.

“We pick every indication that pump prices will decline or go down by some 5% between the two products – petrol and diesel.”

“Diesel has gone down steeply, petrol has done about 3.8% reduction. Diesel has done almost 11% reduction,” he added.

Unfortunately, he said “the reintroduction of the rebate that government through the Finance Ministry did (15 pesewas and so plus or minus), you are looking at doing about 5.3% cut, effective second window July 2022”.

Mr Amoah, hence, is pleading with the transport unions to wait a while and monitor trends concerning fuel pricing before making any upward adjustment.