Petroleum prices to go down?

The Association of Oil Marketing Companies (OMCs) will soon open tenders, which could lead to the reduction in the prices of petroleum products. The coordinator of the association, Kwame Antwi Agyei told reporters in Accra that prices of petroleum products will soon come down to reflect recent reduction in crude oil prices on the world market.

The last time petroleum prices were increased crude was selling at 78 dollars per barrel. Now, the price of crude is at 66 dollars per barrel and there have been calls for petroleum prices to be reduced on the local market to reflect the reduction on the world market.

Mr. Antwi Agyei says it is possible that local petroleum prices will soon be reduced. But the new prices will be based on the results of the tender which will be conducted soon.

The Executive Secretary of the National Petroleum Authority, John Attafuah says: “I hope pretty soon the oil marketing companies will release new downward prices to reflect the cost of their new cargoes”. He however made it clear that the OMCs cannot rush into reducing prices until their old stocks have been cleared.