Managing Director of Ghana Oil Company (GOIL), Patrick Akorlie, has indicated that prices of petroleum products will go down marginally from July 31. 

Fuel prices are expected to be reviewed on Saturday, August 1, 2015 in line with the policy of adjusting prices every two weeks.

At the last review on July 16, prices of various products were review downward from 10 to about 20 percent.

This was mainly influenced by the reduction in prices of crude oil on the international market and a 25 percent appreciation in the cedi’s value.

Speaking on Joy FM business analysis programme Business Trends, Mr. Akorli said it might be difficult to state the rate of this week's expected reduction.

Mr. Akorli was also worried that the full implementation of the price liberalization under the deregulation policy could lead to the collapse of some Oil marketing companies.

Chief Executive of the Chamber of Bulk Oil Distributors, Senyo Hosi who was also on the same programme noted that consumers should be prepared for a price increase when variables like crude oil prices and the exchange rate change.