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Chief Executive Officer of the National Petroleum Authority (NPA), Alhassan Tampuli, has stimulated expectations for fuel prices to fall by 15% from Monday.
According to him, the NPA’s analysis is that the sharp decrease in petroleum prices on the world market due to the current corona virus pandemic, makes it possible for a knock on effect at the pumps at the next pricing window for fuel.
Monday is the next pricing window for fuel.
“The next pricing window starts from the 16th of March, Government taxes have not increased and the cedi is way, way stronger than the dollar, and we should get the benefit of that.
“Now what they must also know is that the oil marketing companies are entitled to some margins which comes up to some 68pesewas in the price build up. Now because of the forces of demand and supply, they have reduced their margins, some time to about 30 or 40 pesewas in order to be able to beat the other oil marketing company, and we believe that by the next pricing window, from what we have seen, the movement of the products, the prices and so on and so forth, we are likely to see something within the range of 15% reduction.”
However, this prediction is nothing but a guesswork and could fly out of window on Monday because as the NPA has said, fuel pricing is now wholly in the hands of oil marketing companies.
Government has recently been at the receiving end of criticisms for allowing high fuel prices even though petroleum prices have fallen by 30% on the world market due to the corona virus pandemic.
Earlier this week, the opposition National Democratic Congress demanded that government reduce fuel prices immediately. However, government has protested that fuel prices have been deregulated.