Petrol and diesel may reduce by 5%, COPEC
Transport operators must hold on with fare increments, COPEC
Chief Executive of the Chamber of Petroleum Consumers, Duncan Amoah, has noted that petroleum products may see a reduction in the second pricing window which begins today July 16, 2022.
Data from the Bulk Oil distributors, according to Joy Business, said petrol and diesel will witness some decline, with diesel expected to go down by more than 11%.
Petrol may witness a 4% decline, whilst LPG will fall by almost 10% per kilogramme.
However, Duncan Amoah stated that petrol and diesel will witness a decline of some 5%.
“We pick every indication that pump prices will decline or go down by some 5% between the two products – petrol and diesel.”
“Diesel has gone down steeply; petrol has done about 3.8% reduction. Diesel has done almost 11% reduction”, he added.
He said, “the reintroduction of the rebate that government through the Finance Ministry did (15 pesewas and so plus or minus), you are looking at doing about 5.3% cut, effective second window July 2022”.
This will mean that the products will be reduced by 50 to 70 pesewas per litre in nominal terms.
Duncan Amoah urged transport operators to hold on with the intended increase in transport fares.
“We will make attempt to talk to them to hold on a bit to see what the pumps throw at us. I’m sure their frustrations are also stemming from increases over the past few weeks.”
“We will personally make efforts to at least get to them to say how they could hold on to observe few days what pump prices become”, he concluded.
SSD/BOG
Fuel pump