The Chamber of Petroleum Consumers (COPEC) claims that the anticipated drop would have been more significant if not for the Ghana cedi's decline versus the US dollar.
As of August 1, 2022, the cost of petroleum goods has decreased by 3% to 6%, the second straight decrease since the worldwide market for oil prices started to plummet.
The predicted drop would have been more significant if not for the depreciation of the Ghana cedi versus the US dollar, said the Chamber of Petroleum Consumers (COPEC).
What we chose for the first window of August [2022] on the market is a clue that gas prices need to have dropped dramatically. Unfortunately, the currency [cedi] is in a sad situation. The FX has suffered some depreciation over the past two weeks, as I speak with you, the executive secretary of COPEC, Duncan Amoah, said.
According to checks made on Monday at the gas stations by Ghcelebritybiz Business, the cost of gasoline has decreased by 0.35 pesewas and is now being sold for less than GHC11, at GHC10.95. In comparison, the price of diesel has increased by 0.36 pesewas to GHC13.26.
Abbas Ibrahim Tasunti promised Citi Business News that the NPA would watch the pumps to check if fuel stations adhere to the pricing formula while revising their fuel rates. He spoke to Citi Business News on the sidelines of an NPA media interaction in Takoradi.
"Changes in the price on the global market, namely the exchange rate, impact fuel prices. Due to the decline in global market prices, we have noticed decreases at the pumps during the past month. We have noticed that the cost of gasoline and diesel has decreased once more in the window we are entering; therefore, we anticipate some price drops at the gas pumps that begin from August 1. He added
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