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Petrol prices down by 2.5%; diesel down by 4% – COPEC

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The prices of petrol, diesel and LPG have seen some marginal decreases. This is according to the Chamber of Petroleum Consumers (COPEC).

It would be recalled that prices of petroleum products were expected to witness some decline from the previous weekend (July 16th), with diesel expected to go down by more than 11%.

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

Petrol on the other hand was expected to go down by almost 4%, whilst LPG was expected to fall by almost 10% per Kilogramme.

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

Speaking on the Day Break Upper East Show on A1 Radio, today, Monday, July 18, 2022, the Monitoring and Evaluation Officer with COPEC, Sampson Addae explained that while the prices of petroleum products have fallen significantly on the world market, the reflection on the Ghanaian market is minimal.

“I can confirm that prices of petrol and diesel have gone down. For petrol, it has gone down by 2.5 percent. Diesel has gone down by 4 percent. Currently, the price per litre for petrol, when you take the price for Total, it has gone down from Ghc11.59 to Ghc11.30. Diesel has also been decreased from Ghc14.59 to Ghc13.99 per litre. For LPG, it went down by 2 percent,” he said.

The decrements were occasioned by a price reduction on the international market. Mr. Addae explained that the price of diesel on the world market had gone down by 13 percent on the world market while petrol had gone down by some 6 percent.

“We also expected to see the same reduction at our pumps but as usual, the cedi keeps on depreciating,” he said.

In addition to the depreciation of the cedi, transportation and insurance costs of the petroleum costs are the reasons why Ghana are not getting the exact reductions at the local pumps.

 On whether petroleum consumers should expect even more decreases in the prices of petroleum products, Mr. Addae said, “I think we have to wait and study the trend and see whether the reduction will be sustainable.”

Meanwhile, there has been pressure on Saudi Arabia to increase its production of crude oil to help stabilize prices. Whether Saudi Arabia would heed the calls is yet to be seen. This is according to Mr. Addae.

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

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