The National Petroleum Authority (NPA) has stated that the upcoming pricing window would see a reduction in petroleum product prices.
According to the NPA, they have followed the worldwide market and it is apparent that prices are expected to fall, affecting prices in Ghana as well.
Fuel prices in Ghana continued to rise until Goil decreased their prices by barely GHp5.
At the moment, a litre of fuel or diesel costs between GH6.85 and GH6.99, depending on which Oil Marketing Company (OMC) one purchases from.
Ghanaians have expressed worry that fuel costs may soon reach GH7.00 per litre, and as a result, the government must lower taxes on petroleum products in the nation.
However, Abass Ibrahim Tasunti, Head of Pricing at NPA, promised presenter of 3FM’s Sunrise Alfred Ocansey that “Ghanaians should expect price reductions in the next window.”
“We have seen the international market and we believe prices would come down by the next pricing window.”
When asked about the next price window, Mr. Tasunti said that “the next pricing window is the first week of December.”
However, Nana Amoasi VII, Executive Director of the Institute for Energy Security (IES), argues differently since Ghana lacks an internal mechanism to cushion the system.
“We don’t have any internal mechanism to cushion us so we have to stick to international price.”
He explained that “Europe and the US will be going to the winter and that will demand more fuel and that may affect prices. If the trend continues, we can only expect an increment because there is no form of mitigation from the international price in Ghana.”
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SOURCE: 3NEWS
