Prices of petroleum products may go down between 3% and 6% from August 1st, 2022.
According to the Chamber of Petroleum Consumers (COPEC), the expected reduction will have been bigger if not for the depreciation of the cedi against the U.S dollar.
The drop in fuel prices will be the second consecutive time since oil prices started falling on the world market.
“What, we picked from the market for the first window of August  is an indication that prices at the pumps should have gone down significantly. The unfortunate thing at this point happens to be with the currency [cedi]. As I speak with you, over the two weeks window, the FX has seen some depreciation, from about ¢8.30 to about ¢8.90 pesewas currently”, Executive Secretary of COPEC, Duncan Amoah, disclosed.
“And so that could on its own erode the reductions that you and I could have seen at the various pumps”, he added.
Mr Amoah, urged government to take a second look at the deregulation policy to cushion consumers against the high fuel prices.
“We have said on a good number of occasions, that the earlier we take a second look at this whole regulation programme, the better it would be”.
Source: Joy Business