The Chamber of Petroleum Consumers Ghana (COPEC) has projected a marginal reduction in petrol prices in the first pricing window of February, following recent movements in international petroleum product prices.
The projection comes amid continued fluctuations on the global oil market, which largely determine fuel pricing at local pumps.
Speaking in an interview, COPEC’s Executive Secretary, Duncan Amoah, indicated that while petrol prices may see a slight downward adjustment, diesel prices are expected to remain largely stable.
“Prices are likely to remain stable for this window. Although petrol has stayed stable, diesel went up quite significantly by about five per cent. Unfortunately, the local market will not respond with an increase because the figures I have picked from some of the Bulk Distribution Companies (BDCs) show a week-on-week decline,” he explained.
Mr Amoah, however, cautioned authorities to closely monitor ongoing geopolitical developments, noting that any escalation could have swift implications for fuel import costs and domestic pump prices.
“If it happens, you could see crude prices jump from over 80 dollars to the 100-dollar range in no time. The Venezuelan situation could have caused a spike as well, but the global oversupply ensured it did not turn bullish,” he added.
