Beginning this weekend (July 16), the cost of petroleum products is anticipated to drop slightly, with diesel prices predicted to fall by more than 11%. This is based on information provided by certain distributors of bulk oil on the cost of goods for the upcoming two weeks.
On the other side, LPG prices are expected to drop by over 10% per kilogramme, while the price of gasoline should drop by approximately 4%. There are strong signs, according to Duncan Amoah, chief executive of the Chamber of Petroleum Consumers, that the cost of gasoline and diesel would decrease or go down by around 5% between the two products.
The consumer community will be much relieved by this.
"We pick up every hint that the two products – gasoline and diesel – will see pump prices decrease or go down by about 5%," diesel, too.
"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 translates to a 50–70 pesewas per litre decrease on gasoline and diesel at the pump.
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 pump throws 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.