The Chamber of Petroleum Consumers Ghana (COPEC) has estimated that due to the current fall in oil prices on the world market, prices of fuel at the pumps in Ghana could fall between 10 and 15 percent. This means that Ghanaians could buy fuel at 6.14 GHC per litre at the pumps.
Speaking to the media, the Research, Price and Monitoring Officer at COPEC, Sampson Addae explained that the current fall in prices of oil at the world market has been necessitated by the halt and stagnation in economic activities due to the current wave of the Omicron variant of the COVID-19.
“If we get the 10-15 percent reduction, then we will be selling around 6.4 or 6.5 GHC per litre which will transcend into 28 or 29 GHC per gallon,” he explained.
Touching on the directive from the government to the Ghana Oil (GOIL) Company to reduce the prices of fuel at the pumps by some 15 pesewas, Mr. Addae explained that the situation has forced other Oil Marketing Companies (OMCs) to reduce their prices marginally in a bid to remain competitive. He cited Shell and Total as two of the OMCs who have marginally reduced the prices.
Mr. Addae was however worried that if the directive to GOIL to reduce prices was not properly thought through by government and not budgeted for by GOIL, it may affect the business OMC. He said the situation could affect the quality of oil sold by the State-Owned Enterprise (SOE).