Prices of Petroleum products are expected to witness some decline from this weekend (July 16th), with diesel expected go down by more than 11%.

This is based on data from some Bulk Oil distributors on pricing of products for the next two weeks.

Petrol on the other hand should go down by almost 4%, whilst LPG will fall by almost 10% per Kilogramme.

Chief Executive of Chamber of Petroleum Consumers, Duncan Amoah, said there is every indication that fuel prices will decline by some 5% between the two products – petrol and diesel.

This will come as a huge relief to consumers.

“We pick every indication that pump prices will decline or go down by some 5% between the two products – petrol and diesel.”

“Diesel has gone down steeply, petrol has done about 3.8% reduction. Diesel has done almost 11% reduction”, he added.

Unfortunately, he said “the reintroduction of the rebate that government through the Finance Ministry did (15 pesewas and so plus or minus), you are looking at doing about 5.3% cut, effective second window July 2022”.

That means in nominal terms, between 50 to 70 pesewas per liter reduction of petrol and diesel will be witnessed at the pump.

On the expected increase in transport fares, Duncan Amoah said his outfit will plead with the transport unions to wait a while and monitor trends with respect to fuel pricing before making any upward adjustment.

“We will make attempt to talk to them to hold on a bit to see what the pumps throw at us. I’m sure their frustrations is also stemming from increases over the past few weeks.”

“We will personally make efforts to at least get to them to say how they could hold on to observe few days what pump prices become”, he concluded.