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Reduction in fuel prices not because of Gold for Oil programme – COPEC

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Ghanaians are expected to enjoy a 3 to 10 percent reduction in the prices of fuel in the second pricing window of March 2023. 

This is according to the Chamber for Petroleum Consumers (COPEC) Ghana. 

When Sampson Addae, Monitoring and Evaluation Officer, spoke to Mark Smith on A1 Radio’s Day Break Upper East Show, he explained that the reductions were a reflection of the reduction of the price of crude oil on the international market. 

“It is because prices on the international market have decreased.”

“Currently the barrel is being sold at $74. At the beginning of this year, it was around $85. Definitely, it will reflect at the pumps,” he said. 

According to Mr. Addae, the narrative that the reduction in the price of fuel was attributable to the government’s Gold for Oil programme is untenable.

“It is a bit surprising to see and hear government communicators allude to the fact that the drop in prices is due to the Gold for Oil programme. As I have told you, if you check the trend since January, the prices of crude have been reducing. And you know that the price on the international market influences the price on the local market. If you take the price build-up, you would realise that the international prices are a major determinant.”

Mr. Addae continued to explain that the current reduction in the price of fuel is expected to affect all OMCs in the country. If the reductions were related to the Gold for Oil programme, the reductions would only be limited to OMCs with more than 45 outlets, he said. 

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

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