Energy Policy Analyst and Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE), Mr Benjamin Nsiah, says the fuel price reduction expected from July 1 could be one of the sharpest declines in recent history, with diesel alone likely to record a drop of about two cedis or more per litre in a single pricing window.
According to him, the expected reduction is driven purely by market forces, including microeconomic conditions, product prices on the world market, and the appreciation of the cedi.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, Mr Nsiah said the decline in global oil prices, together with the stronger cedi, would compel local fuel marketers to reflect the changes in pump prices, to the benefit of consumers.
He said the reduction would affect all petroleum products, including diesel, petrol, LPG and others.
Mr Nsiah also expressed hope that prices would fall further after July 16, following diplomatic efforts aimed at resolving tensions involving the United States and Iran.
He projected that fuel prices could decline by about 2 to 3 percent, depending on the product.
By: Rainbowradioonline.com/Ghana