Fuel prices to go down 3%

Fuel prices are likely to drop 3% at the pumps from July, according to the Chamber of Petroleum Consumers, Ghana.

“It will be recalled that the last window which commenced the 15th of June saw prices maintained across most Bulk Oil Distribution Companies and Oil Marketing Companies whiles others reduced diesel by some 0.64 points.

“The current pricing window opened with prices on the world market hovering around $49-50.22/ barrel whiles the aggregate pricing on the international market following the shocking exit of the United Kingdom from the European Union has largely been between $46-48/barrel though world markets today opened at around $50/ barrel it is believed the next couple of days will also see prices fluctuating lower coupled with a stability in exchange rates locally,” the Chamber said in a statement.

The chamber has called on all petroleum service providers to as matter of fairness ensure what is due the Ghanaian consumer by way of reductions in pump prices from the start of the next pricing window to give the Ghanaian value for money.

"We further reiterate our calls on the government to also ensure something is done about the levels of taxes on petroleum products in the country as they remain rather high and continue to affect prices at the local pumps," it stated.