From this weekend (July 16), it is anticipated that the cost of petroleum products will start to fall, with diesel prices likely to fall by more than 11%. This is based on information from a few bulk oil wholesalers on the cost of goods for the upcoming two weeks.
While LPG prices are expected to drop by over 10% per kilogramme, petrol prices are expected to drop by about 4%. There is every reason to believe that the cost of gasoline and diesel will decrease by around 5%, according to Duncan Amoah, chief executive of the Chamber of Petroleum Consumers.
For consumers, this will be a great relief.
"We look for any hint that the price of gasoline and diesel at the pump will fall or decrease by about 5% between the two products." "Diesel has decreased significantly, while gasoline has had a 3.8 percent decline. He said, "Diesel has reduced by approximately 11%.
Sadly, he informed them, "You will have to make an approximate 5.3 percent cut, effective second window July 2022, due to the restoration of the rebate that government through the Finance Ministry implemented (15 pesewas and so plus or less).
In nominal terms, this means that the price of gasoline and diesel will be reduced by 50 to 70 pesewas per litre. In response to the anticipated increase in transportation costs, Duncan Amoah stated that his organisation will beg the transport unions to postpone any price increases while they observe trends in gasoline pricing.
"We'll try to persuade them to hold on for a little while so we can see what the pumps throw at us. Their annoyance is probably a result of rises over the previous few weeks as well.
"We will personally make attempts to at least get in touch with them to see how they might hold off to see how pump prices develop for a few days," he said in his closing remarks.
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