Car refueling on a petrol station closeup

Prices of gasoline and diesel will drop to Gh21 and Gh17, respectively.

The Chamber of Petroleum Consumers (COPEC) has speculated that fuel prices may be slightly lower on or around November 14th of that year, 2022.

According to the Chamber’s executive secretary, Duncan Amoah, attempts are being made to put policies in place that would help subsidize the fuel prices that are steadily growing.

“We anticipate that the price of diesel would decrease from GH23 to approximately GH21.19, and that the cost of regular gasoline will decrease from GH17.99 to between GH17.10 and GH17.00. Both of these price reductions are anticipated to occur soon.

In an interview with Joy Prime on November 9th, he said that, “all else being equal, diesel might go down by GH2.00 a litre and petrol could fall close to a cedi per litre based on the forex data that we have picked over the previous one week.”

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Based on data gathered over the course of the preceding week, this information was provided.

He did, however, make it clear that the recent rise in the price of diesel, gasoline, and kerosene is the result of rising petroleum product taxes.

Mr. Amoah continued by asserting that the National Petroleum Authority (NPA), the ruling body, should not be blamed for the price increase. Instead, he attributed responsibility for the country’s bad economic management to the government. ⁠ ⁠ He thinks it might lead to a loss of jobs in the petroleum business, thus he wants the government to scale back the increase in fuel taxes as much as possible.

Currently, the price of diesel exceeds GH23 per gallon, while the cost of regular gasoline is roughly consistent at GH18. In related developments, Mohammed Abdul-Kudus, the NPA’s public relations officer, believes that the depreciation of the cedi should be held responsible for the price hike rather than taxes. In a recent development, he stated this opinion.

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