Fuel consumers are poised for some relief at the pumps as the prices of diesel and Liquefied Petroleum Gas (LPG) are set to decrease, marking the second consecutive drop in January.
The Chamber of Petroleum Consumers (COPEC) has announced this, and the changes take effect on Wednesday, January 17, 2024.
While the exact adjustments in prices are yet to be finalized, COPEC foresees a decline for both diesel and LPG, attributed to a global decrease in finished product prices. Notably, this positive trend persists despite a slight depreciation of the Ghanaian cedi in recent weeks.
In an interesting turn, petrol prices are expected to remain relatively stable, possibly experiencing only a minor upward adjustment of around 1%.
COPEC Executive Secretary Duncan Amoah explains this dynamic by highlighting current international market trends.
“Diesel prices dipped by roughly 2.8% per metric ton on the global market, while petrol experienced a slight increase of 3.6%. The cedi has remained relatively stable overall, although we’ve seen a 0.47-point dip in exchange rates,” Amoah said.
He added, “Overall, what our expectation is that prices of petrol are likely to remain stable with a 1 percent upward adjustment.
“Diesel is likely to see some reduction while LGP is also likely to see some reduction effective Wednesday which is the second window for January.”
