According to the Chamber of Petroleum Consumers (COPEC), fuel prices would probably decrease by Monday, November 14, 2022.
Recently, the cost of fuel, particularly diesel and petrol, have increased. While petrol is now costing around GH18, diesel is currently retailing for more than GH23.
The Executive Secretary of the Chamber, Duncan Amoah, however, hinted that steps are being put in place to help subsidize the growing prices in an interview with Roselyn Felli on Prime Morning on Wednesday.
“We will be expecting diesel to drop from GH¢23 to somewhere around GH¢21.19, and the petrol will also drop from GH¢17.99 to somewhere GH¢17.10 or GH¢17.00.
“All things being equal, diesel could go down by GH¢2.00 a litre and petrol could go close to a cedi per litre based on the forex numbers that we have picked over the past one week,” he said.
According to Mr. Amoah, the increase is the result of the tax on petrol rising by about 422% in a single year.
He pointed out that the price hike shouldn’t be attributed to the National Petroleum Authority (NPA), but rather to poor government management.
He urges the government to keep the increase in petroleum taxes as low as possible because it could result in job losses in the industry.
Mohammed Abdul-Kudus, the NPA’s public relations officer, is of the opinion that the devaluation of the cedi, not taxes, should be held responsible for the price increase.
He claims that when some companies’ pricing differ from others, deregulation of fuel prices skews the Authority’s and Oil Marketing Companies’ (OMCs) ability to communicate.
“Another thing that has not helped us to a large extent has been the instability of our currency. We all know the dynamics in the management of forex around the francophone countries that normally guarantee them a certain stability on their currency,” he explained.
Mr. Abdul-Kudus thinks that even if the government subsidized the cost of goods, prices would not alter.
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