Ghana Union of Traders Association (GUTA) has hinted of a likely drop in prices if a decline in fuel prices and the stability of the local currency persists and has also called for more efforts at ensuring that the relative stability of the cedi and drop in fuel prices are sustained.
The local currency had weakened to about ¢16 per a dollar last year, but has since seen some slight improvement, currently trading at about ¢11 to the dollar per the Bank of Ghana’s interbank rates. Additionally, fuel prices have decreased over the past few weeks.
President of GUTA, Dr. Joseph Obeng noted that, if these trends continue, consumers could potentially see lower prices in the markets.
“Of great importance is how we can sustain these gains that we are having. So it is important and is a good indicator. So if we are able to sustain it, that’s the most important thing. So that we can also transfer the benefit and the gains to the consuming public. Yes, it is very important and that is what we are expecting to do; do everything to bring it down. If not possible, to even sustain it. We have to sustain it at the rate at which they are, rather than they going up.”
Dr. Joseph Obeng
For the interim, fuel prices are down and for persons who buy fuel for various activities, the recent happenings with prices is of great joy to them. Fuel prices have dropped this year following the relative stability of the cedi and the decrease in global prices.
Meanwhile, the Chamber of Petroleum Consumers (COPEC) Ghana predicted a further reduction in fuel prices this month, March, 2023, if the value of the local currency is stabilized.
The cost of petroleum products is a major source of concern to citizens as a result of its rippling effects on other sectors of the economy.
Petroleum products had prices increasing from January through to February, 2023, with consumers lamenting its impact on their finances, but the month of March started on a positive note for fuel consumers as checks at the Oil Marketing Companies revealed a downward adjustment in the price of the commodity in the first pricing window.
A litre of petrol, which sold at ¢14.50 at leading Oil Marketing Companies, GOIL for example, is now selling at ¢13.80 whiles diesel, which sold at ¢14.90 is now selling at ¢13.80.
Fuel users ask for a further reduction
Despite elated about the price reductions, petroleum users still want government to do more to ensure further reduction in fuel prices.
“Drivers, especially myself, we’ve been always looking on the board for where fuel is cheaper, I mean and hopefully buy. So it’s kind of a welcoming news to see that reduction in fuel but we still feel that there’s a lot more that should be done to make us all comfortable. We all know the current economic situation so any reduction is acceptable and appreciable…
“But if we can get a bit more, we’ll really appreciate it better. So we’re calling on the government to see how they can do a lot more for us to get the fuel prices coming down.”
Daniel Agyei, Driver
Speaking with Stanley Quaye, a bolt driver, he spoke about how fuel prices affect their profit margins, thus, made an appeal to the government to further reduce fuel prices.
“…I buy fuel at ¢250. So at the end of the day, at least, I have to make like ¢500, double of it. But sometimes, you might close and you have a range of ¢300, ¢350, ¢400, which is very bad. You can’t have a business and be losing. It’s all about the profit. So I think decreasing the fuel prices will affect us positively.”
Stanley Quaye
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