Fuel prices to go down from August 1 – NPA

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The Head of Economic Regulation at the National Petroleum Authority (NPA), Abass Ibrahim Tasunti, says his outfit is expecting further fuel price reductions at the pumps from August 1, 2022, following the reduction in prices of Petrol and Diesel on the World Market.

Abass Ibrahim Tasunti, who was speaking to Citi Business News on the sidelines of an NPA media interaction in Takoradi assured that the NPA would be monitoring the pumps to see if fuel stations are complying with the pricing formula in changing their fuel prices.

“The fuel price changes are influenced by changes of the price on the world market and the exchange rate in particular. We have seen reductions at the pumps in the past one month purely because the world market prices have dropped. In the next window in which we are going into, we have observed that the price of petrol and diesel have gone down again, and therefore we expect some price reductions at the pumps in the next window which starts from the 1st of August.”

“Regarding the level of reduction, because of the deregulated pricing, the percentage changes will vary from company to company. So what we do as regulator is that we will allow the marketer to make their price changes and as we will monitor to see whether they follow the pricing formula in changing their prices“, he said.

Already, the Chamber for Petroleum Consumers Ghana (COPEC) has hinted of a six percent drop in prices at the pumps in the coming days.

Currently, diesel is almost GH¢15 per litre while petrol sells for over GH¢11 per litre at the pumps. Some filling stations over the weekend recorded some marginal price drops.

After a rampant increase in the price of fuel at the pumps, consumers seem pleased with the recent drop in prices at some fuel stations and are hopeful of further reductions in the coming months.

This comes as some Oil Marketing Companies across the country reduced their prices by up to 60p per litre over the weekend.