Fuel prices likely to go down by 15% – NPA

All things being equal, fuel prices at the pumps may go down this month by 15% at the start of the second-pricing window.

This comes as a result of the 30% drop in global crude prices and the relative stability of the cedi against major international currencies.

Addressing a Press conference on Tuesday, the Chief Executive Officer of the NPA, Hassan Tampuli, indicated the said reduction may take place by March,15.

Industry watchers, like the Chamber of Petroleum Consumers (COPEC) the Institute of Energy Security (IES) had called for between 10-32% downward adjustment to reflect the global drop in crude prices.

Global Oil slump

Oil prices went into free fall amid a slump in demand due to the coronavirus crisis and a trade war between Saudi Arabia and Russia.

The price of crude oil nosedived by as much as 30%, to $33 a barrel, the worst one-day fall in crude since the start of the first Gulf war in 1991. It later recovered slightly.

The impact has had a devastating effect on stock markets around the world but could lead to significant savings at the petrol pumps.