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COPEC expects fuel prices to fall next week

Fuel prices are expected to drop on Monday, November 14, 2022, according to the Chamber of Petroleum Consumption (COPEC). Fuel prices, including diesel and gasoline, have increased recently. Diesel is currently on sale for over GH¢23, while petrol is around GH¢18. However, in an interview with Roselyn Felli on Prime Morning on Wednesday,

House of Representatives Executive Secretary Duncan Amoah indicated that measures are being put in place to help subsidize rising prices.

"We expect diesel to drop from GH¢23 to around GH¢21.19 and gasoline to drop from GH¢17.Ninety to somewhere around GH¢17.10 or GH¢17.00."

“All else being equal, diesel could drop GH¢2.00 GH¢ per liter and petrol could drop by almost a cedi per liter depending on the trade-in figures we picked up last week,” he said.

Amoah said the increase was due to a 422% increase in gasoline taxes on the year. He said that the National Petroleum Authority (NPA) should not be blamed for the price increase; rather, he believed it was the result of government mismanagement.

As a result, he wants the government to keep oil tax increases to a minimum, arguing that it will lead to job losses in the oil sector. Meanwhile, Mohammed Abdul-Kudus, head of public relations at the National Petroleum Authority (NPA), believes the price increase should be blamed on the falling cedi rather than on taxes.

As prices for several companies differ, he argues, fuel price deregulation would distort the relationship between the Regulatory Authority and petroleum marketing companies (OMCs).

"Another factor that bothers us is the volatility of our currency." “We all know the dynamics of foreign exchange management in French-speaking countries, which often guarantee them a certain amount of stability in their currency,” he explains.

Mr. Abdul-Kudus said that even if the government subsidizes the product, there will be no change in the price.

Content created and supplied by: Isaacnoble (via Opera News )

COPEC Chamber of Petroleum Consumption Diesel House of Representatives Prime Morning


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