From this weekend (July 16), prices of petroleum products are predicted to drop slightly, with diesel prices predicted to drop by more than 11%.
This is based on information from a few distributors of bulk oil on product pricing over the upcoming two weeks.
LPG prices are expected to drop by approximately 10% per kilogram, while gasoline prices should drop by about 4%.
There is every indication, according to Duncan Amoah, chief executive of the Chamber of Petroleum Consumers, that the cost of gasoline and diesel would decrease or go down by about 5%.
Consumers will be quite relieved by this.
“We look for any hint that petrol and diesel pump costs will fall or decrease by about 5% between the two products,”
“Diesel has dropped significantly, while gasoline has reduced by around 3.8 percent. Diesel has reduced by about 11%, he continued.
Sadly, he stated, “You are looking at doing around 5.3 percent decrease, effective second window July 2022, of the rebate the government through the Finance Ministry did (15 pesewas and so and so plus or less).
This implies that, in nominal terms, there will be a 50–70 pesewa per liter decrease in gasoline and diesel at the pump.
Regarding the anticipated increase in transportation costs, Duncan Amoah stated that his organization will beg the transport unions to hold off and observe trends in gasoline pricing before making any upward adjustments.
“We’ll try to persuade them to hold on for a little while so we can see what the pump throws at us. Their annoyance is probably a result of rises over the previous few weeks as well.
“We will personally make attempts to at least get in touch with them to see how they might hold off to see how pump prices develop for a few days,” he said in his closing remarks.