Fuel prices may drop from August 1 – COPEC

Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has said prices of petroleum products are likely to drop from Monday, August 1, 2022, at various pumps.

He noted that the downward review of these products will be between 3% and 6%.

Duncan Amoah however noted that the drop in petroleum products will not be really significant

Read full articledue to the depreciation of the local currency against major trading currencies.

“What we picked from the market for the first window of August [2022] is an indication that prices at the pumps should have gone down significantly. The unfortunate thing at this point happens to be with the currency [Cedi]. As I speak with you, over the two weeks window, the FX has seen some depreciation, from about ¢8.30 to about ¢8.90 pesewas currently," Adomonline quoted Duncan Amoah to have said.

“And so that could on its own erode the reductions that you and I could have seen at the various pumps,” he added.

The Executive Secretary of COPEC called on government to bring out policies that will help deregulate the pricing of petroleum products.

This, he said, will cushion consumers amidst the price hikes on petroleum products.

ESA/FNOQ