The Chamber of Petroleum Consumers Ghana (COPECGH) has projected a decline in world oil market indexes in April this year, saying it has the tendency to further reduce petroleum prices.
A press statement issued in Accra signed by Duncan Amoah, Executive Secretary, said expectations remained reasonably high for further reductions in the first window of April when the proposed amendments to petroleum price build up would be probably approved and effected.
“This is also expected to lead to some net reductions in pump prices as captured in the 2017 budget statement.
“The reduction in special petroleum tax of 17.5 percent as pertains currently to 15 percent and the complete removal of the excise duty component is together expected to also knock down some 2.68 percent on pump prices when amended by Parliament.”
Prices of petroleum products have dropped at the pumps by between 2 and 3 percent, a few days after a slight increase by transport owners.
International market prices have dipped by around 7 percent, moving from the previous index of around $ 55/barrel to current $51/barrel.
“Indications from some of the major downstream players point to some 2-3 percent reductions from current pump prices averaging around 4.320 across most Oil Marketing Companies (OMCs).
It added that “the Cedi, which has over the past weeks contributed to rising fuel prices in the country seems to be gaining some grounds over the past few days to close trading currently at around 4.66/$1 with currency analysts predicting some stability in the coming days,” the chamber noted.
The second pricing window under the national petroleum authority’s deregulation pricing programme commenced from 16 March.
Current pump prices at some major downstream players point to a 2-3 percent reduction at an average of GH¢4.320 per litre.