The Chamber of Petroleum Consumers Ghana (COPEC) has projected a welcome 3 to 5 percent decrease in fuel prices at local pumps, expected to take effect this Saturday, November 16. This potential reprieve comes amidst recent petrol shortages impacting various outlets nationwide.
Mr Duncan Amoah, Executive Secretary of COPEC, stated that petrol supply should improve within the next 48 hours, which would help ease current pressure at the pumps. He noted that the primary challenge has been financial, with traders demanding repayment of outstanding debts amid a market condition known as “backwardation,” where prices are declining over time. “If you lock in prices now, as a trader, you might incur losses as global prices continue to dip. This makes trading difficult. That said, we anticipate an improvement in the situation,” Amoah explained.
This projection is a testament to COPEC’s efforts in advocating for fuel price stability and addressing fluctuations in the petroleum market. The anticipated reduction in local fuel prices is attributed to falling crude oil and finished product prices on the global market and a relatively stable Ghanaian cedi against major currencies.
“For the upcoming pricing window, starting Saturday, November 16, COPEC’s analysis suggests fuel prices could ease by 3 to 5 percent at local pumps,” Amoah added. However, he cautioned that this decrease relies on the cedi maintaining its current stability.
Story by: Mercy Addai Turkson
