The Chamber of Petroleum Consumers (COPEC) has suggested that fuel prices will likely fall slightly by Monday, November 14, 2022.
According to the Chamber’s Executive Secretary, Duncan Amoah, measures are being put in place to help subsidize rising fuel prices.
“We will be expecting diesel to drop from GH¢23 to somewhere around GH¢21.19, and the petrol will also drop from GH¢17.99 to somewhere GH¢17.10 or GH¢17.00.
“All things being equal, diesel could go down by GH¢2.00 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
He did, however, explain that the recent increase in the price of diesel, gasoline, and kerosene is due to an increase in petroleum product taxes.
Mr. Amoah went on to say that the National Petroleum Authority (NPA), the regulator, should not be blamed for the price increase.
He blamed the government for mismanaging the country’s economy.
He wants the government to keep the increase in petroleum taxes to a minimum, claiming that it will result in job losses in the petroleum industry.
Diesel is currently selling for more than GH23, while petrol is priced around GH18.
In a related development, the NPA’s Public Relations Officer, Mohammed Abdul-Kudus, believes that the price increase should be blamed on cedi depreciation rather than taxes.
