The Association of Oil Marketing Companies, OMCs will on Monday, February 16 reduced the prices of fuel at the various pumps.
The reduction will help the OMCs reflect the current development of the global market.
Chief Executive for the association, Kweku Agyemang Duah in an interview with Citi FM said they will be measured in the reduction to also stay competitive.
"So next week we will see people responding but what people should know is that it can not be as drastic as everyone expects if these things continue the market dynamics will make sure that there is conformity to the price reduction which will see the quantum coming up but if you don't take care and the prices go up tomorrow what will you do? That is why when you look at the prices sometimes it stabilises even though the world price may be going up but we don't increase it."
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Kweku Agyemang Duah was not able to put a percentage to the reduction of the fuel prices.
"I don't want to put figures in your head because we want to satisfy our consumers we don't want to put figures and if the market turns around we have to come and explain to you.."
Fuel prices to be reduced by 15% â€“ NPA
The National Petroleum Authority, NPA, says fuel prices at the pumps may go down by about 15% by March 16, which is the next pricing window.
This follows the 30% drop in global crude prices and the relative stability of the cedi against major international currencies.
Speaking to the media on Tuesday, the Chief Executive Officer of the NPA, Hassan Tampuli, said although prices are due to go down, due process must be followed.
"We have observed the price movement as we have from the 1st up to date there is very clear indication that the prices will go down by the 16th of March so it is not for Sammy Gyamfi or anybody else to determine for us what the price should be, the industry people themselves understand that the prices have to go down because there is a reduction in the price on the international market. Government taxes have not increased, the cedi is way stronger and we should get the benefit of that.."