Prices for petroleum goods are set to fall beginning this weekend (July 16th), with diesel falling by more than 11%. This is based on information from a few distributors of bulk oil regarding product pricing over the upcoming two weeks.
LPG prices are expected to drop by approximately 10% per kilogram, while gasoline prices should drop by about 4%.
There is every indication, according to Duncan Amoah, chief executive of the Chamber of Petroleum Consumers, that the cost of gasoline and diesel will decrease by about 5%.
Consumers will be extremely relieved by this.
"We pick up every sign that pump prices for gasoline and diesel will fall or decrease by about 5% between the two goods."
Diesel has dropped significantly, while gasoline has reduced by around 3.8 percent. Diesel has reduced by about 11%, he continued.
Sadly, he informed them, "You will have to make an approximate 5.3 percent cut, effective second window July 2022, due to the restoration of the rebate that government through the Finance Ministry implemented (15 pesewas and so plus or minus).
This implies that, in nominal terms, there will be a 50–70 pesewas per liter reduction of gasoline and diesel at the pump.
Regarding the anticipated increase in transportation costs, Duncan Amoah stated that his organization will beg the transport unions to postpone any adjustments and wait while they observe trends in fuel pricing.
"We'll try to persuade them to hold on for a little while so we can see what the pumps throw at us. Their annoyance is probably a result of rises over the past few weeks as well.
"We will personally make efforts to at least get in touch with them to see how they could hold off to see how pump prices develop for a few days," he said in his closing remarks.
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