Fuel prices hinted to fall

Fuel consumers in the country are set to enjoy a reduction in the prices of the various petroleum products at the pumps from this week, barely a month after an upward adjustment, industry sources have hinted.

The impending downward review, according to industry sources, has been triggered by the drastic fall in the prices of crude on the world market, which now hovers around US$35 per barrel.

Ghana Oil Company (GOIL), which has one of the lowest prices on the market, is set to lead the way once again.

Although crude prices on the world market have plummeted, prices of petroleum products in the country have seen an upward review since January this year.

On January 4, fuel prices went up by between 22 per cent and 27 per cent at the pumps following the passage of the Energy Sector Levy by Parliament in December 2015. Price of Liquefied Petroleum Gas also went up by about 18 per cent.

The hikes have since caused public outcry as Ghanaians criticised government for taking such decision to introduce the petroleum tax at a time motorists are expected to enjoy a reduction due to the fall in world prices of crude.

Last week, Organised Labour hit the streets to protest the introduction of the levy. Labour is demanding its withdrawal but the government says that is not possible.