Price of diesel, petrol to fall to GHS 21 and GHS 17 next week Monday
Price of diesel and petrol is expected to fall to GHS 21 and GHS 17 respectively starting next week Monday, November 14, 2022.
This is according to the Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah.
Speaking in an interview on Wednesday, Duncan Amoah noted that measures are being put in place to help subsidise the rising prices.
“We will be expecting diesel to drop from GHS 23 to somewhere around GHS 21.19, and the petrol will also drop from GHS 17.99 to somewhere GHS 17.10 or GHS 17.00.
“All things being equal, diesel could go down by GHS 2 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.
Mr. Amoah stated that the rise is due to the increase in taxes on petrol to around 422% within the year.
He noted that the National Petroleum Authority (NPA) should not be blamed for the increase in prices; instead, he believes it is due to mismanagement by the government.
He, therefore, wants the government to minimise the increase in petroleum taxes, saying it may lead to loss of jobs in the petroleum sector.
Meanwhile, the Public Relations Officer of the National Petroleum Authority (NPA), Mohammed Abdul-Kudus, is of the opinion that the increment in prices should be blamed on the cedi depreciation and not taxes.
According to him, deregulation of the fuel prices distorts the communication between the Authority and Oil Marketing Companies (OMCs) when some companies’ prices are different.
“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 believes there would not be changes in prices even when the government subsidises the prices of products.
Diesel is currently selling for more than GHS 23 per litre, while the price of petrol is hovering around GHS 18 per litre.
