According to the Chamber of Petroleum Consumers (COPEC), fuel prices would probably decrease by Monday, November 14, 2022.
Recently, the cost of fuel, particularly diesel and gasoline, has increased.
While gasoline is now costing approximately GH18, diesel is currently retailing for more than GH23.
The Executive Secretary of the Chamber, Duncan Amoah, however, hinted that steps are being put in place to assist subsidize the growing prices in an interview with Roselyn Felli on Prime Morning on Wednesday monitored by Ghanatodayonline.com.
“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.
According to Mr. Amoah, the increase is the result of the tax on gasoline rising by almost 422% in a single year.
He pointed out that the price hike shouldn’t be attributed to the National Petroleum Authority (NPA), but rather to poor government management.
He urges the government to keep the rise in petroleum taxes as low as possible because it might result in job losses in the industry.