Fuel prices are expected to drop by 5 to 8 percent on Monday March 16, 2020, Institute of Energy Security has predicted.
The drop in global fuel prices as well as the relative stability which are two of the major determining factors for the prices of fuel at the pumps.
The price reviews are expected to begin today in line with Ghana’s deregulation policy.
Meanwhile, the Association of Oil Marketing Companies has advocated a stop to what it refers to as undue interference in the pricing decisions of its members.
The Chief Executive of the National Petroleum Authority, Hassan Tampuli had indicated that he is anticipating a 15 percent reduction in prices at the fuel pumps.
The National Petroleum Authority (NPA) last week said per its calculation, fuel prices at the pumps may go down by 15 percent.
Meanwhile, The National Democratic Congress (NDC) also said it wanted the government to ensure crude prices are reduced by a minimum of 20 percent.
The Chamber of Petroleum Consumers (COPEC), which had threatened legal action over the matter, said it had anticipated a reduction of between 10-32 percent compared to the 2 percent that consumers have been given since the start of 2020.
ALSO READ: Coronavirus outbreak: IMF discloses plan on how to support its member countries
Nonetheless, The Chief Executive officer of the National Petroleum Authority, NPA Hassan Tampuli has stated that the government does not have the power to reduce prices immediately.
According to the NPA Boss, this is due to the deregulation exercise that was began during the erstwhile administration.
The power to do, the NPA Boss explained is in the hands of the Oil Marketing Companies (OMC) as stated in the deregulation policy.
However, Mr. Tampuli said per NPA’s calculations fuel prices are likely to go down by about 15% in the next pricing window [16 March, 2020].
