Fuel prices likely to go down by 15% – NPA Boss

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The National Petroleum Authority (NPA) says per its calculation, fuel prices at the pumps may go down by 15% on March 15, which is the next pricing window.

This follows the 30% drop in global crude prices and the relative stability of the cedi against major international currencies.

Groups like the Chamber of Petroleum Consumers (COPEC) the Institute of Energy Security (IES) and the opposition National Democratic Congress (NDC) have reiterated calls for a reduction in fuel prices by OMCs to reflect the global drop in crude prices on Monday dawn.

COPEC had anticipated a reduction of between 10-32% compared to the 2% that consumers have been given since the start of the year.

Speaking to the media on Tuesday, the Chief Executive Officer of the NPA, Hassan Tampuli, said although prices are due to go down, due process must be followed.

He explained that the deregulation policy allows for two window periods within which price adjustments are to take place and that the next price window is March 15th, at which time the changes would be effected by the OMCs.

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