Fuel prices expected to reduce- COPEC

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Patrons of commercial transport can rest assured that there will not be an increase in transport fares any time soon.

Transport fares have gone up significantly in the past couple of months, with some transport operators threatening further increases.

They attribute the development to astronomical increases in fuel prices and the cost of spare parts. However, there is a gradual reduction in crude oil prices on the international market.

Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah told GBC News, that fuel prices are expected to reduce by about six to seven percent from Monday, August 1.

His fear however is that the worsening exchange rate may affect the quantum of reduction at the pumps.

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