The price of petroleum products are expected to witness some significant reduction this week.
This prediction, according to JoyBusiness, was based on industry data, and calculations it had done on price outlook for the next two weeks.
Sources say the reduction has been largely influenced by the cedi’s marginal stability on the market.
Prices are expected to go down by almost 9 per cent.
Diesel should go down by almost 2 per cent per litre; petrol is expected to be reduced by a little over 3 per cent, while LPG would witness the biggest reduction in recent times, going down by almost 9 per cent per kilogram.
Based on the calculations, a gallon of diesel, which is made up of 4.5 litres, is expected to be sold at 23 cedis 13 pesewas.
A gallon of petrol would sell at 22 cedis 68 pesewas.
Importers of petroleum products say the reduction is largely due to the cedi’s improved outlook and stock build-up of the various petroleum products.
Would the reduction happen?
But the concern here is whether the over 100 Oil Marketing Companies (OMCs) would indeed reduce their prices by this margin.
Transport operators are currently pushing for review in fares.
However, sources close to the government say there can only be some strong bases for adjusting fares if only fuel prices have been increased over 10 per cent over the past three months.
NPA
Earlier, the National Petroleum Authority (NPA) said the prices of petroleum products are likely to be reduced in the next pricing window as a result of the appreciation for the Ghana cedi against the US dollar and decrease in the price of petroleum products on the world market.
The Authority said in line with the deregulation policy these positive developments would be passed on to the public through pump prices.
Chief Executive Officer (CEO) of NPA, Alhassan Tampuli, announced this at an Industry Stakeholder Engagement Seminar last week.
According to him, the Ghana cedi has made some gains against the US Dollar.
Fall prices on world market
In addition, he said the prices of diesel and petrol on the world market have decreased by nearly 2 per cent, while the price of Liquefied Petroleum Gas (LPG) has also gone down by almost 8 per cent.
Myjoyonline.com