As of August 1, 2022, the cost of petroleum products has decreased between 3 and 6 percent, marking the second straight decline in retail fuel prices since the global market for crude oil began to fall.
According to the Chamber of Petroleum Consumers (COPEC), the reduction would have been higher if not for the Ghana cedis decline in value against the US dollar.
“What we picked from the market for the first window of August [2022] is an indication that prices at the pumps should have gone down significantly,” said the executive secretary of COPEC, Duncan Amoah.
“The unfortunate thing at this point happens to be with the currency (the cedi).
“As I speak with you, over the two-week window, the forex [rate] has seen some depreciation,” he added.
Checks by OilCity Radio business at the pump on Monday, August 1, revealed that the price of gasoline has decreased by 0.35 pesewas and is now retailing for GHC11 (now GHC10.95), while the price of diesel has decreased by 0.36 pesewas selling for GHC13.26.
The head of pricing at the National Petroleum Authority (NPA), Abass Ibrahim Tasunti, assured Ghanaians that the NPA will monitor gas station rates to determine whether gas stations were adhering to the pricing formula by modifying their advertised charges.
Speaking to Citi Business News on the sidelines of a media engagement by the NPA in Takoradi, Mr. Tasunti said; “The fuel price changes are influenced by changes of the price on the world market and the exchange rate in particular,”
“We have seen reductions at the pump in the past one month purely because the world market prices have dropped,” he added.
Mr. Tasunti concluded saying, “in the next window in which we are going into, we have observed that the price[s] of petrol and diesel have gone down again, and therefore we expect some price reductions at the pump in the next window, which starts from 1 August.”
