{"id":1247275,"date":"2022-11-09T12:57:16","date_gmt":"2022-11-09T12:57:16","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/11\/09\/fuel-prices-to-reduce-by-next-week-copec\/"},"modified":"2022-11-09T12:57:16","modified_gmt":"2022-11-09T12:57:16","slug":"fuel-prices-to-reduce-by-next-week-copec","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/11\/09\/fuel-prices-to-reduce-by-next-week-copec\/","title":{"rendered":"Fuel prices to reduce by next week \u2013 COPEC"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/11\/WhatsApp-Image-2022-05-27-at-4.26.31-PM-1024x576.jpeg\" \/><\/p>\n<div id=\"article-text\">\n<p>The Chamber of Petroleum Consumers (COPEC) has announced that fuel prices are likely to be reduced by Monday, November 14, 2022.<\/p>\n<p>There has been a recent hike in fuel prices, including diesel and petrol. Diesel is currently selling for more than GH\u00a223, while the price of petrol is hovering around GH\u00a218.<\/p>\n<p>But speaking to Roselyn Felli on <strong>Prime Morning<\/strong>, on Wednesday, the Executive Secretary of the Chamber, Duncan Amoah, indicated that measures are being put in place to help subsidise the rising prices.<\/p>\n<div class=\"youtube-embed\" data-video_id=\"wT2J1LxPV2U\"><iframe loading=\"lazy\" title=\"Fuel Prices expected to reduce by next week - COPEC\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/wT2J1LxPV2U?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<p>\u201cWe will be expecting diesel to drop from GH\u00a223 to somewhere around GH\u00a221.19, and the petrol will also drop from GH\u00a217.99 to somewhere GH\u00a217.10 or GH\u00a217.00.<\/p>\n<p>\u201cAll things being equal, diesel could go down by GH\u00a22.00 a litre and petrol could go close to a cedi per litre based on the forex numbers that we have picked over the past one week,\u201d he said.<\/p>\n<p>Mr. Amoah stated that the rise is due to the increase in taxes on petrol to around 422% within the year.<\/p>\n<p>He noted that the National Petroleum Authority (NPA) should not be blamed for the increase in prices; instead, he believes it is due to mismanagement by the government.<\/p>\n<p>He, therefore, wants the government to minimise the increase in petroleum taxes, saying it may lead to loss of jobs in the petroleum sector.<\/p>\n<p>Meanwhile, the Public Relations Officer of the National Petroleum Authority (NPA), Mohammed Abdul-Kudus, is of the opinion that the increment in prices should be blamed on the cedi depreciation and not taxes.<\/p>\n<p>According to him, deregulation of the fuel prices distorts the communication between the Authority and Oil Marketing Companies (OMCs) when some companies\u2019 prices are different.<\/p>\n<p>\u201cAnother thing that has not helped us to a large extent has been the instability of our currency. We all know the dynamics in the management of forex around the francophone countries that normally guarantee them a certain stability on their currency,\u201d he explained.<\/p>\n<p>Mr. Abdul-Kudus believes there would not be changes in prices even when the government subsidises the prices of products.<\/p>\n<p><strong>DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Chamber of Petroleum Consumers (COPEC) has announced that fuel prices are likely to be reduced by Monday, November 14, 2022. There has been a recent hike in fuel prices, including diesel and petrol. Diesel is currently selling for more than GH\u00a223, while the price of petrol is hovering around GH\u00a218. But speaking to Roselyn [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1224567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[3493,599,601,1312,602],"class_list":["post-1247275","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-copec","tag-fuel","tag-prices","tag-reduce","tag-week"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1247275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1247275"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1247275\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1247275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1247275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1247275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}