The Chamber of Petroleum Consumers (COPEC) has announced that fuel prices will be cut by Monday, November 14, 2022.
Fuel prices, including diesel and gasoline, have increased recently. Diesel currently sells for over 23 cents, while gasoline prices fluctuate around 18 cents.
But speaking with Roselyn Ferri on Wednesday’s Prime Morning, Duncan Amore, executive director of the Chamber of Commerce, indicated steps were being taken to help boost prices.
When he was speaking with JoyPrime via zoom:
“Diesel is expected to fall from 23 GH¢ to around 21.19 GH¢, while gasoline is expected to fall from 17.99 GH¢ to 17.10 or 17.00 GH¢.
“All things being equal, based on last week’s foreign exchange figures, diesel could fall by GH¢2.00 per liter and petrol could be close to 1 Cedi per liter,” he said.
Mr. Amoah said the increase was due to a fuel tax increase of about 422% for the year.
He noted that the National Petroleum Authority (NPA) should not be blamed for the price increase; rather, he attributed it to government mismanagement.
As a result, he wants the government to minimize the increase in oil taxes, arguing that it could lead to job losses in the oil sector.
On the other hand, the public relations officer of the National Petroleum Authority (NPA), Mohammed Abdul-Kudus, said that the price increase should be blamed on the falling cedi, not on taxes.
According to him, fuel price deregulation falsifies communications between the Regulatory Authority and Oil Marketing Companies (OMCs) as the prices of several companies differ.
“The other thing that didn’t help us to a large extent was currency volatility,” he explained.
Mr. Abdul-Kudus said that there will be no change in prices even if the government subsidizes the product. We hope the price of fuel won’t increase again after the reduction next week.
