Prices of fuel could fall by 3 percent at local pumps in the first pricing window of December 2022, according to the Chamber of Petroleum Consumers-Ghana (COPEC).
Prices of barrels of crude oil on the international market have fallen by 3 per cent, but these reductions would be realised only if the Bank of Ghana continues to directly support the Bulk Distributions Companies (BDCs) in the purchase of fuel in the international market.
It would be recalled that the Chamber for Petroleum Consumers (COPEC) predicted that fuel prices in Ghana would fall after the Bank of Ghana met with the Bulk Distribution Companies (BDCs) and gave them favourable exchange rates for the second pricing window for November, 2022. This gave the BDCs more foreign currency.
Sampson Addae, Monitoring and Evaluation Officer of COPEC, speaking in an interview, said his outfit is anticipating a marginal drop in the price of fuel.
“We are anticipating a marginal drop in the price of fuel. We are seeing a three per cent decrease in the international market. Now, a barrel is sold at $85 or $86,”
“We are also waiting to see if the Bank of Ghana would sustain or continue with its policy implementation of helping the BDCs with enough forex at a cheaper rate. If that happens, we are likely to see a drop in fuel prices at the local pumps,” he said.
Source | A1radioonline