Consumers would begin to enjoy between 5 percent and 8 percent reduction in the prices of fuel at the pumps from today, the second pricing window of the month of February.
The Chamber of Petroleum Consumers (COPEC) Ghana attributed the decrease in prices to the fall of the price of crude on the international market and the relative appreciation of the cedi against major trading currencies.
“First reason is the cedi gaining some appreciation and then also, prices on the international market have reduced from $86 to $82 a barrel. These two factors are influencing prices in the second pricing window for February,” Sampson Addae, the Monitoring and Evaluation Officer at COPEC said when he spoke to Mark Smith on the Day Break Upper East Show today, Thursday February 16, 2023.
According to Mr. Addae, fuel prices could continue to decrease if the cedi continues to appreciate or maintain relative stability and crude oil prices on the global market continue to decline or maintain stability.
“If we are able to continue like this, that is, see the cedi appreciate more, then, it would be a good sign for us to have another reduction,” he said.
Mr. Addae explained that if the government intended 150,000 tonnes of oil under the Gold for Oil programme should hit the shores of the country by the end of month, then the fall in the prices could be even more significant.
Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana