Prices of petroleum products have dropped between 3% and 6% as of 1 August 2022, marking the second consecutive decline in retail costs of fuel since oil prices began to fall on the global market.
According to the Chamber of Petroleum Consumers (COPEC), the expected reduction would have been bigger but for the depreciation of the Ghana cedi against the US dollar.
“What we picked from the market for the first window of August  is an indication that prices at the pumps should have gone down significantly,” said the executive secretary of COPEC, Duncan Amoah. “The unfortunate thing at this point happens to be with the currency [the cedi].
“As I speak with you, over the two-week window, the forex [rate] has seen some depreciation,” he said.
Checks by Asaase Business at the pump on Monday show that petrol has dropped by 0.35 pesewas in price and is now retailing for less than GHC11 (currently GHC10.95), while diesel is selling for GHC13.26, a 0.36 pesewa decrease.
The head of pricing at the National Petroleum Authority (NPA), Abass Ibrahim Tasunti, gave Ghanaians his assurance that the NPA will be monitoring prices at the pump to see if filling stations are complying with the pricing formula in changing their advertised charges.
He was speaking to Citi Business News on the sidelines of a media engagement by the NPA in Takoradi,.
“The fuel price changes are influenced by changes of the price on the world market and the exchange rate in particular,” he said. “We have seen reductions at the pump 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[s] of petrol and diesel have gone down again, and therefore we expect some price reductions at the pump in the next window, which starts from 1 August,” Tasunti said.