The Chamber of Petroleum Consumers (COPEC) says its projections show that fuel prices are likely to be reduced by Monday, November 14, 2022.
The Executive Secretary of the Chamber, Duncan Amoah, who disclosed this indicated that measures are being put in place to help subsidise the rising prices of petroleum products.
There has been a recent hike in fuel prices, including diesel and petrol. Diesel is currently selling for more than GH¢23, while the price of petrol is hovering around GH¢18.
However, Mr Amoah in an interview on Joy Prime said diesel is expected to drop from GH¢23 to GH¢21.19, and the petrol will also drop from GH¢17.99 to 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.
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.
Duncan Amoah’s predictions come at a time Ghanaians are complaining about high fuel prices which has tigerred increase in transport fares and food prices.