Petroleum prices likely to drop 15%

Petroleum products are likely to be reduced by 15 percent this week, according to a report by the Daily Graphic.

The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Mr Senyo Hosi, in an interview with the Daily Graphic said the upcoming price reduction was due to the marginal decrease in the world market price for refined petroleum products.

“One good news is the performance of the cedi against other major foreign currencies, especially the dollar. The performance of the cedi is another motivation for the reduction,” he said in an interview last Friday.

“We wish to assure consumers that the prices of the products will continue to be reviewed downwards so long as the cedi rises and the world market price of refined products reduces,” he said.

Petroleum products went up by between 10 and 15% July 1.