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Fuel prices to go down by 2% – NPA boss assures

Fuel prices to go down by 2% - NPA boss assuresPrices of petroleum products are expected to go down by some 2 percent in the next pricing window.

The Chief Executive Officer of the National Petroleum Authority, Alhassan Tampuli who gave the assurance attributed the possible reduction to the appreciation of the Ghana cedi against the US dollar as well as decrease in the price of petroleum products on the world market.

Currently, a liter of diesel and petrol is being sold at GHS5.21 across all major filling stations, including Total and Shell indicating a hike from GH¢5.07 in the last pricing window on the October 15.

Speaking at a stakeholder engagement on Wednesday, CEO of the NPA, Alhassan Tampuli gave the highest indication of a reduction.

“The Ghana cedi has made some gains against the dollar, the nearly two percent decrease  in the price of diesel and petrol  as well as the observed 8 percent decrease in the price of LPG will be passed on to the customers through pump prices all things being equal, and that is how a deregulated market works”, he explained.

Meanwhile, Research Analyst with the Institute of Energy Security Mikdad Mohammed says the reduction is possible.

“From the extrapolation and figures of the IES, we can say the reduction is possible, and its 80 percent achievable”, he agreed.

He however insisted that the NPA should scrap some components in the price build up for fuel.

“We believe there are some components in the price build up of fuel, like the special petroleum levy, which needs to be scrapped. Government is making wind falls now, which should be enjoyed by all the people of Ghana”, he argued

The next pricing window will begin from the 1st of November to the 15th of the same month.

By Grace Asare | 3news.com | Ghana

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