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Fuel Price Hikes Fuel prices to drop again this week

The reduction will be the second time in less than a week that fuel prices would have dropped this month.

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The Chamber Of Petroleum Consumers Ghana said it "high hopes" that the deregulation programme will be "applied fairly to all and sundry" is gradually "eroding." play

The Chamber Of Petroleum Consumers Ghana said it "high hopes" that the deregulation programme will be "applied fairly to all and sundry" is gradually "eroding."

The prices of petroleum products are expected to be reduced again by about 2 percent this week.

The reduction will be the second time in less than a week that fuel prices would have dropped this month.

The first reduction led to 4 pesewas drop in the prices of petroleum products by the Oil Marketing Companies.

READ ALSO: Telcos complete installation of Kelni GVG servers

The reduction follows developments on the global market.

Petrol prices are expected to drop by 10 pesewas per litre. This means that consumers should be buying a litre of petrol for 4 cedis 75 pesewas.

A gallon of petrol will drop from 21 cedis 83 pesewas.to 21 cedis 38 pesewas.

This is because the price of petrol is dropping on the global market as supply has exceeded demand.

However, the price of diesel is likely to remain the same or see any significant drop.

READ ALSO: Bawumia says 'cedi depreciation temporary': Adviser says it won't 'last for long'

This is because the price of diesel on the global market has seen little or no drop as demand is higher than supply.

Currently, a litre of the product could be sold to you at 4 cedis 85 pesewas or 21 cedis 83 pesewas per gallon.

Meanwhile, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah has welcomed the reduction saying they hope the prices go down further.

“We would wish that the prices go down further as well as the discussion on taxes on fuel products are not forgotten completely. We would also wish that the option of hedging when prices go down, should be exploited fully so that we do not wait until such a time where OPEC’s meeting at the end of the month to decide on whether to increase or cut production, may have another effect on global pricing,” he told Accra-based Citi FM.

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