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Fuel prices drop for third straight week

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Some motorists, including commercial transport operators have expressed delight about the continuous drop in fuel prices in the last three weeks.

Fuel prices declined by about 12 per cent Friday morning, in response to the stabilisation of the Cedi against the Dollar and a fall in prices of petroleum products on the international market.

Checks conducted by the Ghana News Agency indicate that petrol is currently trading at an average GHS13.49 while diesel is selling at GHS16.49 per litre.

In the last pricing window, which ended on December 15, 2022, the national average price per litre of petrol was pegged at GHS15.16 from GHS16.31, representing a 7.05 per cent reduction over the period.

The national average price per litre of diesel moved from GHS19.86 to GHS18.78; falling by 5.44 per cent.
The Institute for Energy Security, which had projected a price fall of about 9 to 15 per cent on diesel and petrol ahead of the pricing window, attributed the decline to an appreciation of the Cedi against the Dollar, and a fall in prices of petroleum products on the international market.

For the first time in months, some motorists who bought fuel on Friday morning saw a significant reduction in the amount of money they used to fill their tanks.

Mr Frank Asare, a banker, said he was hopeful that GHS400 worth of fuel would now be enough for him to commute to work weekly.

“On Monday, I bought 500 Cedis, but I have been informed that it has been reduced and with the new rate, I am hopeful that 400 Cedis will be enough for me,” he said.

Mr Evans Kwakye, a taxi driver, said the continuous rise in fuel prices in the last few months took a heavy toll on his business, compelling him to purchase fuel on credit, which attracted interest.

“Previously I used to roam in search of passengers, but I had to join a station because I could not afford fuel. The drop in prices will help us a lot and we hope that it will drop further in the coming days,” he said.

Despite the downward decline in prices of petroleum products, commercial transport operators have refused to reduce fares, claiming that prices of other variables, including spare parts and lubricants have not decreased.

A meeting between the Minister of Transport, Mr Kwaku Ofori Asiamah, and commercial transport operators on Wednesday, December 14, 2022 “ended inconclusively,” sources close to the Minister told the GNA.

The source said another meeting would be convened on Friday, December 16, 2022 where an agreement is expected to be reached on new transport fares.

In an interview, Mr Victor Nani, Accra-Peki-Kpeve GPRTU Chairman, said the Station would reduce its fares if it received authorisation from the national office.

“In my view, I think the fuel should come down further before we reduce, but if our big men tell us to reduce and they give us the rate, we will comply,” he said.

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