Data from the Bulk Oil Distribution Companies have indicated that petroleum prices are expected to fall with some components expected to rise.
Petrol and LPG are expected to fall by almost 8% while diesel is expected to rise by over 3% from July 2, 2022, as reported by JoyBusiness.
The reductions have been attributed to favourable happenings on the global market according to reports.
However, Oil Marketing Companies (OMCs) will lessen the burden on consumers by reducing the prices of the pumps as well.
Mr sampson Addae, head of pricing and research COPEC speaking to Ohene Addo On Plan B Fm’s Ebanoosen stated that due to the Government’s inability to solve the internal causes of the rapid increase of prices of fuel reduction in the global market will only make the price stable and not reduce.
He also said that the prices of LPG might go down, so drivers who use LPG will benefit from this reduction and not those who consume fuel and Diesel.
He concluded that the Government should be able to sacrifice some taxes off all petroleum products so anytime prices reduce in the world market it will reflect internally.
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