Ghana’s National Petroleum Authority (NPA) has predicted that fuel prices at the pumps may go down by 15% on March 15, during the next pricing window.
This follows a 30% drop in global crude prices and the relative stability of the cedi against major international currencies.
The announcement follows pressure from groups such as the Chamber of Petroleum Consumers (COPEC), the Institute of Energy Security (IES), and the largest opposition National Democratic Congress (NDC) on the NPA to reduce fuel prices.
COPEC had anticipated a reduction of between 10-32% compared to the 2% that consumers have been given since the start of the year.
Speaking to the media on Tuesday, the Chief Executive Officer of the NPA, Hassan Tampuli, noted that although prices are due to go down, due process must be followed.
He explained that the deregulation policy allows for two window periods within which price adjustments are to take place and that the next price window is March 15th, at which time the changes would be effected by the OMCs.
Ghana’s general prices of goods and services are dependent on the prices of fuel, therefore, a reduction in fuel price is expected to bring some form of relief to the consumers.
DAP/GIK/APA