Diesel, petrol prices to drop to ¢21, ¢17 respectively per litre next week – COPEC

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The Chamber of Petroleum Consumers (COPEC) has hinted that the prices of fuel are likely to go down slightly by Monday, November 14, 2022.

According to the Executive Secretary of the Chamber, Duncan Amoah, measures are being put in place to help subsidise the rising prices of fuel.

We will be expecting diesel to drop from GH¢23 to somewhere around GH¢21.19, and the petrol will also drop from GH¢17.99 to somewhere GH¢17.10 or GH¢17.00.

All things being equal, diesel could go down by GH¢2.00 a litre and petrol could go close to a cedi per litre based on the forex numbers that we have picked over the past one week,” he said on Joy Prime on Wednesday, November 9.

He, however, explained that the recent hike in the price of diesel, petrol and kerosene is due to the increase in taxes on petroleum products.

Mr. Amoah further stated that the regulator, the National Petroleum Authority (NPA) should not be blamed for the increase in prices.

He blamed the government rather for mismanaging the economy of the country.

He wants the govenment to minimise the increase in petroleum taxes, saying it may lead to loss of jobs in the petroleum sector.

Diesel is currently selling for more than GH¢23, while the price of petrol is hovering around GH¢18.

In a related development, the Public Relations Officer of the NPA, Mohammed Abdul-Kudus, is of the opinion that the increment in prices should be blamed on the cedi depreciation and not taxes.