Fuel prices beginning to go down in Ghana

Since the collapse in the global market, the retail price of fuel has decreased twice in a row.

The Chamber of Petroleum Consumers (COPEC) asserted that if not for the devaluation of the Ghana cedi versus the US dollar, Ghanaians would have experienced a greater price decrease.

According to what we chose from the market for the first window of August [2022], prices at the pumps should have decreased dramatically, according to Duncan Amoah, executive secretary of COPEC. “Unfortunately, the currency [the cedi] is the current sad situation.

In an interview with Asaase Radio, he stated, “As I speak with you, over the two-week span, the FX [rate] has suffered considerable depreciation.”

Petrol is now being sold for less than GHC11 (now between GHC10.40 and GHC10.95) as of Monday, August 1, while diesel is now going for GHC13.26, a 0.36 pesewa decrease.

The National Petroleum Authority (NPA) will be monitoring pump prices to check if filling stations are adhering to the pricing formula by modifying their advertised charges, according to Abass Ibrahim Tasunti, head of pricing at the NPA.

He claimed that fluctuations in currency rates and global market prices, in particular, had an impact on fuel prices.

“Reductions at the pump have been observed over the past month solely as a result of falling global market prices.”

In a related issue, the government is working feverishly to allay the worries of the Liquefied Petroleum Gas (LPG) operators and gas tanker drivers who have started a strike.

The employees are upset that the government won’t reopen some gas stations that were shut down following the 2017 gas disaster at Accra’s Atomic Junction.

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