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Good News for car owners as fuel prices drop

The Chamber of Petroleum Consumers (COPEC) has said that gas prices are likely to go down on Monday, November 14, 2022.

Diesel and gasoline prices have both gone up in the past few weeks. At the moment, diesel costs more than GH23, while the price of gasoline stays around GH18.

But on Prime Morning on Wednesday, Duncan Amoah, the Executive Secretary of the Chamber, told Roselyn Felli that steps are being taken to help keep prices from going up too much.

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“We expect the price of diesel to go down from GH23 to around GH21.19, and the price of gasoline to go down from GH17.99 to around GH17.10 or GH17.00.

“If everything stays the same, diesel could go down by GH2.00 per litre and gasoline could go down by close to a cedi per litre, based on the exchange rates we’ve seen over the past week,” he said.

Mr. Amoah said that the rise is because taxes on gasoline will go up by about 422% in the next year.

He said that the price increase shouldn’t be blamed on the National Petroleum Authority (NPA). Instead, he thinks it’s because the government isn’t running things well.

He wants the government to keep the increase in taxes on petroleum to a minimum because he thinks it could cause people to lose their jobs in the petroleum industry.

Mohammed Abdul-Kudus, who is in charge of public relations for the National Petroleum Authority (NPA), thinks that the falling value of the cedi, not taxes, is to blame for the rise in prices.

He says that when some companies’ prices are different, deregulation of fuel prices makes it hard for the Authority and Oil Marketing Companies (OMCs) to talk to each other.

“The instability of our currency is something else that hasn’t helped us very much. We all know how the francophone countries manage their foreign exchange, which gives their currency a certain amount of stability,” he said.

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