Petrol prices to go down Thursday amid calls for increment in transport fares

Retail prices of petroleum products will from Thursday drop by a marginal three per cent at the various pumps across the country, and has been predicted to further go down in April this year, according to reliable sources.

The reduction in prices have been occasioned by the fall in crude oil prices on the world market coupled with the stability of the Ghanaian cedi against the US dollar in the last few days.

A meeting between the Oil Marketing Companies and key stakeholders in the industry agreed on between two and three per cent reduction in retail prices effective Thursday, Executive Secretary of the Chamber of Petroleum Consumers (COPEC) Ghana, Duncan Amoah has told TV3 “We are certain that by Thursday fuel prices will go down in the country….I can confirm that by Thursday a couple of OMCs will ease down on prices due to what we are seeing on the world market pricing.

Crude oil prices on the world market have dropped from 55 dollars per barrel to between 48 and 51 dollars per barrel.

The Ghanaian cedi, which also plays a role in the pricing equation, has also seen a slight appreciation against the US dollar The announcement of reduction in fuel prices thus comes on the back of agitation by commercial drivers for transport fares to be increased.

Transport owners argued though fuel prices have seen marginal increases in the past year, fares have not been increased to accordingly reflect.

Beginning this week, some commercial transport operators started charging their own new fares in the absence of an official announcement by their transport unions. “We can confirm that between two to three per cent reduction [in fuel prices], Mr Duncandisclosed on Tuesday, adding the prices would further go down in the coming days.

“Projections on the world market is pointing to further drops by April and so if the cedi is able to do very well within the period, Ghanaians are likely to have fuel prices drop further.

Indeed it looks quite good,” he added. Mr Duncan explained further that the measures announced by the Finance Minister in the 2017 budget statement will also help bring the prices of petroleum products down when the appropriation bill kicks in.