President Akufo-Addo has told Ghanaians to anticipate a further drop in the prices of petroleum products at the fuel pumps.
Delivering the 2023 State of the Nation Address in Parliament on Wednesday, the president noted that the Gold Purchase Programme by the Bank of Ghana and the Gold for Oil Policy are already bearing fruit.
According to him, the average price of petrol at the pump, which had risen to twenty GHS20 a litre, in the middle of December 2022, is now GHS18.30 a litre.
“The price of diesel had risen to more than twenty-three cedis and seventy pesewas (GH¢23.70) a litre and is now selling on the average at thirteen cedis and eighty pesewas (GH¢13.80) a litre, which is a reduction of almost ten cedis a litre.”
“We expect this trend of falling fuel prices to reflect soon in our daily lives, since transport fares affect the price of everything. I hope the trend of prices going up and coming down become a regular feature of our retail economy as is being demonstrated in the fuel prices. Because, as we all know, prices, especially of petroleum products, used only to go up in our country,” he added.
The president is rest assured that the Gold Purchase Programme by the Bank of Ghana and the Gold for Oil Policy will help Ghana preserve its foreign exchange, especially the US dollar, as well as stabilise the price of oil products such as petrol and diesel on the domestic market.
“We have already seen some success on both fronts with the price of US dollars and petroleum products falling since we announced the policy and began to implement it,” he added.