Fuel Prices Fall Dramatically- Some drivers, particularly those who operate commercial vehicles, have expressed happiness about the ongoing decline in fuel prices over the past three weeks. Fuel prices declined by about 12 per cent Friday morning, in response to the stabilization 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 liter.
In the last pricing window, which ended on December 15, 2022, the national average price per liter of petrol was pegged at GHS15.16 from GHS16.31, representing a 7.05 per cent reduction over the period.
The national average price for a liter of fuel decreased by 5.44 percent, from GHS19.86 to GHS18.78.
The Institute for Energy Security, which had anticipated a price drop of between 9 and 15% on gasoline and diesel ahead of the pricing window, blamed the decrease on the strengthening of the Cedi against the US dollar as well as a dip in the price of petroleum products on the world 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.
Mr. Victor Nani, Chairman of the Accra-Peki-Kpeve GPRTU, stated in an interview that the Station would lower its fares if it gained approval from the national office.
But if our big folks tell us to lower and they give us the rate, we would obey, he said. “In my opinion, I think the gasoline should drop down further before we reduce,” he said.