The Chamber of Petroleum Consumers Ghana (COPECGH) has predicted a three per cent reduction in fuel prices at the pumps for the first pricing window of the month of July, 2016.
A press release signed by the Executive Secretary of the chamber, Duncan Amoah, indicated that the reduction is due to expectations that world oil prices would fluctuate and subsequently fall and in the next few days.
According to the release, “the current pricing window opened with prices on the world market hovering around $49-$50.22/ barrel while the aggregate pricing on the international market, following the imminent exit of the United Kingdom from the European Union, has largely been between $46-48/barrel”.
“Though world markets today opened at around $50/barrel, it is believed the next couple of days will also see prices fluctuating lower coupled with stability in exchange rates locally,” it added.
The chamber further called on fuel dealers to be fair with the public in reducing the prices and insisted that government needed to reduce taxes on petroleum products.
Below is the full statement:
CHAMBER OF PETROLEUM CONSUMERS GHANA
FUEL PRICES TO COME DOWN 3% AT THE PUMPS FOR FIRST WINDOW IN JULY.
The first pricing window of the month of July is set to commence in a few hours under the national petroleum authority's deregulation pricing policy programme which mandates a bi weekly price adjustments by the various petroleum service providers in the country.
It will be recalled that the last window which commenced the 15th of June saw prices maintained across most Bulk Oil Distribution Companies and Oil Marketing Companies whiles others reduced diesel by some 0.64 points. The current pricing window opened with prices on the world market hovering around $49-50.22/ barrel whiles the aggregate pricing on the international market following the shocking exit of the United Kingdom from the European Union has largely been between $46-48/barrel though world markets today opened at around $50/ barrel it is believed the next couple of days will also see prices fluctuating lower coupled with a stability in exchange rates locally.
The chamber is by this release calling on all petroleum service providers to as matter of fairness ensure what is due the Ghanaian consumer by way of reductions in pump prices from the start of the next pricing window to give the Ghanaian value for money.
We further reiterate our calls on government to also ensure something is done about the levels of taxes on petroleum products in the country as they remain rather high and continue to affect prices at the local pumps.
A complete list of the best prices on the market as of today will be published shortly.
Chamber of Petroleum Consumers Ghana
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