Prices of petroleum products to see huge reduction Wednesday

fuel 1Prices of Petroleum products could on Wednesday night see a reduction of between 15 to 22 percent.

This may well be the biggest reduction in fuel prices in recent times.

The reduction is as a result of the continuous appreciation in the value of the Ghana cedi against the dollar.

According to importers and some transporters of petroleum products the reduction has also been influenced by their own forecast, which suggests that the Ghana cedi will continue to appreciate against the US dollar.

Therefore it will just be prudent to pass on the benefits to consumers.

For some economists, the planned reduction shows that the recent hike in fuel prices was mainly due to the cedis’ depreciation during that period.

Meanwhile marketers could start reviewing prices every week from August instead of the current mechanism where prices are adjusted every two weeks.

According to industry sources, the action is being guided by the new policy which allows importers and marketers to price their own products.