Speaking to Joy Business in Accra yesterday, the Chief Exec­utive of COMAC, Dr Riverson Oppong said the reduction in prices was anticipated since the foreign exchange rate was major factor in the price determination.

He explained that a stable forex rate was a good indication for consumers to enjoy price reduction at the pumps.

“One of the biggest compo­nents in the price derivation of crude oil product prices in Ghana has to do with the forex,” he said.
He added that the situation had also been impacted by the weakening of the U.S dollar, plummeting prices of crude oil on the world market.

“As we speak now, the bench­mark prices are falling as well, and the U.S. is falling. That’s why you’ve seen petroleum product prices coming down. All the way from 15 per cent to 13 per cent today, on average,” he said.

Dr Oppong said he was opti­mistic the trend may continue to enable consumers to enjoy some relief through price reduction.

“Indeed, we expect this to continue. As far as these two components play their roles, plummeting down or taking a nosedive, I believe that ordinary Ghanaians or you and I will need to benefit from it in all angles”, he said.

The Ghana cedi gained 6.25 per cent week-on-week against the dollar in the retail market, cementing its position as the best currency among a basket of 15 Sub-Saharan African curren­cies.