Abass Ibrahim Tasunti, the head of economic regulation at the National Petroleum Authority (NPA), said his organization anticipates more fuel price reductions at the pumps beginning on August 1, 2022, in response to the decline in the cost of gasoline and diesel on the global market.
Abass Ibrahim Tasunti, who was speaking to Citi Business News on the sidelines of an NPA media interaction in Takoradi assured that the NPA would be monitoring the pumps to see if fuel stations are complying with the pricing formula in changing their fuel prices.
“The fuel price changes are influenced by changes of the price on the world market and the exchange rate in particular. We have seen reductions at the pumps in the past one month purely because the world market prices have dropped. In the next window in which we are going into, we have observed that the price of petrol and diesel have gone down again, and therefore we expect some price reductions at the pumps in the next window which starts from the 1st of August.”
“Regarding the level of reduction, because of the deregulated pricing, the percentage changes will vary from company to company. So what we do as regulator is that we will allow the marketer to make their price changes and as we will monitor to see whether they follow the pricing formula in changing their prices“, he said.
Already, the Chamber for Petroleum Consumers Ghana (COPEC) has hinted of a six percent drop in prices at the pumps in the coming days.
Currently, diesel is almost GH¢15 per litre while petrol sells for over GH¢11 per litre at the pumps. Some filling stations over the weekend recorded some marginal price drops.