COPEC Predicts Lower Fuel Prices in Ghana Starting October 16

Fuel consumers in Ghana have reason to be optimistic as fuel prices at pumps across the country are anticipated to decrease from Monday, October 16, 2023.

The Chamber of Petroleum Consumers (COPEC) has made this prediction, citing a significant drop in international fuel prices and the strengthening of the Ghanaian cedi against the US dollar as key contributing factors.

Currently, petrol is sold in Ghana at an average price of GH¢12.63 per litre, while diesel is priced at GH¢13.40 per litre.

According to COPEC, during the second pricing window of October, which begins on October 16, 2023, petrol prices may fall to GH¢12.098 per litre, and diesel prices could plummet to GH¢12.694 per litre.

COPEC’s Executive Secretary, Duncan Amoah, stated, “Indications of prices based on international price movements and the forex performance over the past fortnight point to some marginal reductions across pumps for the coming window as confirmed by CBOD petroleum pricing outlook for the window.”

The factors contributing to this anticipated reduction in fuel prices include:

1. International Pricing: The prices of key petroleum products have seen a significant drop on the international market. Crude oil has fallen by 2.27%, petrol by 13.06%, diesel by 16.48%, and LPG by 9.67%.

2. Forex Rate: The exchange rate for the US dollar increased by 1.44%, closing trading at GHS12.10 per dollar.

3. Projections: COPEC predicts that petrol will be sold between GHS11.49 per litre and GHS12.70 per litre, with an expected mean percentage drop of 3.73%. Diesel is projected to be sold for between GHS12.06 per litre and GHS13.33 per litre, with an expected mean percentage drop of 5.55%.

This news will likely be welcomed by consumers, as fuel prices are a significant factor in the cost of living in Ghana. Lower fuel prices can have a positive impact on the overall economy, including reducing transportation costs for both individuals and businesses.