Reduction in fuel prices a leap of relief for road users – Gabby

A leading member of the governing New Patriotic Party (NPP), Gabby Otchere-Darko, says he is optimistic that the reduction in fuel prices will last longer.

He noted that in December 2022, diesel sold at GHS23.43 and Petrol for GHS17.42.

As at, March 1, 2023, diesel is selling at GHS 13.49 and Petrol at GHS 13.19.

“A leap of relief for Ghana’s road users. In December 2022, Diesel sold at GHS23.43 and Petrol for GHS17.42. As at today, March 1, 2023, Diesel is selling at GHS13.49 and Petrol GHS13.19. We hope this is yet another sign that the economy is turning the corner. Long may it last!!” Mr Otchere-Darko said in a tweet.

The Chamber of Petroleum Consumers (COPEC) had earlier predicted that fuel prices were likely to see a decline in the first pricing window of March 2023.

According to COPEC, prices of both petrol and diesel have all declined marginally within the period while crude price has also minimally dropped from $82.99/barrel to $82.48/barrel (-0.61%).

With the international price decreasing from $878.41/MT to $849.25/MT (-3.32%), the retail price works up to GHS13.66/L.

These expected drops in prices for the second time running since the second pricing window of February 2023 do not have any correlation with the much-touted Gold for Oil programme as these movements are simply a derivative of market forces at play within the period, we still await the reductions the two cargoes brought in this month will add to the relieving the suffering of the petroleum consumer”, COPEC said in a statement.