Fuel prices down 2%

Prices of petroleum products have dropped at the pumps by 2-3%, according to the Chamber of Petroleum Consumers.

“Indications from some of the major downstream players point to some 2-3% reductions from current pump prices averaging around 4.320 across most OMCs.

“The Cedi which has over the past weeks contributed to rising fuel prices in the country seem to be gaining some grounds over the past few days to close trading currently at around 4.66/$1 with currency analysts predicting some stability in the coming days,” the Chamber said in a statement.

Below is the full unedited statement

15TH MARCH 2017

The second pricing window under the national petroleum authority’s deregulation pricing programme commences in the next few hours from the 16th of March.

Indications from some of the major downstream players point to some 2-3% reductions from current pump prices averaging around 4.320 across most omcs.

The cedi which has over the past weeks contributed to rising fuel prices in the country seem to be gaining some grounds over the past few days to close trading currently at around 4.66/$1 with currency analysts predicting some stability in the coming days.

International market prices which is the major factor in the pending pump price reductions has dipped by around 7% moving from the previous index of around $ 55/barrel to current $51/barrel.

The drop in world market indexes is expected to continue into the month of April. Expectations remain reasonably high for further reductions in the first window of April when the proposed amendments to petroleum price build up will be probably approved and effected, this is also expected to lead to some net reductions in pump prices as was captured in the 2017 budget statement.

The reduction in special petroleum tax of 17.5 % as pertains currently to 15% and the complete removal of the excise duty component is together expected to also knock down some 2.68 % on pump prices when amended by the house of Parliament.

The new changes of 2-3% in pump prices is expected to be realized at some of the major pumps including goil by close of day tomorrow.

Signed
Duncan Amoah
Executive Secretary
Copec Ghana