Prices for petroleum products are expected to fall beginning this weekend July 16, with diesel falling by more than 11%.
This is based on pricing data from some Bulk Oil distributors for the next two weeks.
Petrol, on the other hand, is expected to fall by nearly 4%, while Liquefied Petroleum Gas (LPG) will fall by almost 10% per kilogramme
Chief Executive of the Chamber of Petroleum Consumers, Duncan Amoah stated that there is every indication that fuel prices will fall by 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 said.
However, he noted “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”.
This translates to a nominal reduction of 50 to 70 pesewas per liter of petrol and diesel at the pump.
In response to the expected increase in transportation fares, Duncan Amoah stated that his organisation will ask the transport unions to wait a while and monitor trends in fuel pricing before making any upward adjustments.
“We will attempt to talk to them to hold on a bit to see what the pumps throw at us. I’m sure their frustrations also stem from increases over the past few weeks.”
He concluded by saying that efforts would be made to reach out to transportation unions so that they could continue to monitor pump prices for a few days.