Fuel prices to go down

Accra, Sept. 20, GNA - The expected reduction in the prices of petroleum products given the current declining world market price of crude oil is likely to be between 5.0 per cent and 10 per cent. Mr John Nana Yaw Attafuah, Chief Executive of the National Petroleum Authority (NPA), who announced this on Wednesday at Akosombo noted that premix fuel would attract the biggest fall.

The current world market price of crude oil stands at about 62 dollars per barrel, after peaking at 78 dollars last July. Explaining the situation to the press on Wednesday, Mr Attafuah said the delay in reducing the prices to reflect current declining world market price was due to the reluctance on the part of retailers to lift oil.

He said premix gasoline which rose to 787 dollars per metric tons in August last month has dropped sharply to 549 dollars per metric ton. "This is a huge drop and since cargoes have been lifted this month, when the old stock is exhausted it would reflect in the domestic market prices,=94 he said.

"We don't want to create a panic situation, which will allow people to incur heavy losses on their trading businesses. We have done quite well with our current cargo even though some of the retailers are reluctant to lift,=94 he said.

Mr Attfuah explained that even if the world price should start rising, it would not affect or change the situation in the domestic market and for that matter the impending reduction in the prices. He said this is because the adjustments in the domestic prices were based on the price at which oil was lifted on the world market.