Fuel prices beginning to go down in Ghana

Prices of petroleum products began dropping on August 1, 2022. Prices dropped between 3% and 6%.

A pump attendant fills a car with fuel.

This makes it the second consecutive decline in retail costs of fuel since the drop in the world market.

Meanwhile, the Chamber of Petroleum Consumers (COPEC), said the Ghanaians would have enjoyed a bigger price fall but for the depreciation of the Ghana cedi against the US 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,” said the executive secretary of COPEC, Duncan Amoah. “The unfortunate thing at this point happens to be with the currency [the cedi].

As I speak with you, over the two-week window, the forex [rate] has seen some depreciation,” he said in an interview with Asaase Radio.

As of Monday, August 1, the price of petrol had dropped by 0.35 pesewas and is now retailing for less than GHC11 (currently between GHC10.40 - GHC10.95), while diesel is selling for GHC13.26, a 0.36 pesewa decrease.

Meanwhile, the head of pricing at the National Petroleum Authority (NPA), Abass Ibrahim Tasunti, told the media that the NPA will be monitoring prices at the pump to see if filling stations are complying with the pricing formula in changing their advertised charges.

The fuel price changes are influenced by changes of the price on the world market and the exchange rate in particular,” he said.

“We have seen reductions at the pump in the past one month purely because the world market prices have dropped."

In a related development, government is making frantic efforts to resolve the concerns of gas tanker drivers and Liquefied Petroleum Gas (LPG) operators who have embarked on strike action.

The workers are aggrieved over government’s refusal to re-open some gas stations that were closed after the 2017 gas explosion at the Atomic Junction in Accra.

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