Prices of petroleum products may go down between 3% and 6% from August 1st, 2022.
According to the Chamber of Petroleum Consumers (COPEC), the expected reduction will have been bigger if not for the depreciation of the cedi against the U.S dollar.
The drop in fuel prices will be the second consecutive time since oil prices started falling on the world market.
“What, we picked from the market for the first window of August  is an indication that prices at the pumps should have gone down significantly. The unfortunate thing at this point happens to be with the currency [cedi]. As I speak with you, over the two weeks window, the FX has seen some depreciation, from about ¢8.30 to about ¢8.90 pesewas currently”, Executive Secretary of COPEC, Duncan Amoah, disclosed.
“And so that could on its own erode the reductions that you and I could have seen at the various pumps”, he added.
Mr. Amoah urged government to take a second look at the deregulation policy to cushion consumers against the high fuel prices.
“We have said on a good number of occasions, that the earlier we take a second look at this whole regulation programme, the better it would be”.
- Nigerian singer Teni gifts SHS teacher a car
- Ghana’s debt stock up ¢9bn to ¢402.4bn in July 2022 – BoG
- Akufo-Addo’s fight against illegal mining is a complete ‘419’ – Sammy Gyamfi
- British officials release date for King Charles III’s coronation
- Court orders CID Boss to provide safety report on alleged bride killers
- ‘I have given up on dating; guys do not take me seriously’ – Comedienne Jacinta
- My vehicle was set ablaze on Samatex premises – Wontumi alleges
- FDA concurs with WHO’s caution against four substandard paediatric medicines found in The Gambia
- Black Sherif didn’t lose BET, his nomination is a win – Reggie Rockstone
- Posterity will judge Akufo-Addo, other leaders meanly if galamsey fight is not won – Gabby Otchere-Darko
- Halt PPP arrangement for a laboratory facility – Medical Laboratory Professionals tell government
- Nima Dreams: A documentary about how lack of infrastructure is affecting talent growth
- Opanin Kwadwo Taah (Alias Papa J. K.)
- Submit report on persons responsible for infractions in Auditor-General’s report – Akufo-Addo charges SIGA, A-G
- Gerald Akwasi Koranteng
- Criticism that BoG was too slow in dealing with inflation is unfair – Economist
- Stonebwoy to feature Kenya’s Khaligraph Jones in new single
- Black Sherif’s ‘Oh Paradise’ about late girlfriend gets fans emotional
- Don’t blame us for worsening inflation rate – BoG tells World Bank
- Blunt Thoughts: Losing from both ends – Our natural resources in crisis and our economy in tatters
- Total Mobile Money transactions fall by 2% year-on-year in August 2022; E-levy impact marginal
- IBAG to celebrate Insurance Brokers’ Awareness Month this October
- GRA locks up popular event center ‘Underbridge’
- NSMQ 2022: Competing schools arrive on KNUST campus ahead of prelims
- ‘Galamsey’ got worse under Mahama – NPP tells NDC