COPEC predicts marginal decrease in fuel prices

The Chamber of Petroleum Consumers (COPEC) is predicting a marginal decrease in prices of fuel at the pump.

This reduction should be expected by the end of September, according to COPEC.

Speaking to Citi Business News, Executive Secretary of COPEC, Duncan Amoah, said consumers should expect either one or two percent reduction in prices of petrol and diesel respectively.

“Our check with the platt benchmark indicates petrol probably has lost about 4 pesewas per litre if you do just the international benchmark platt values. Again, diesel also seem to have recorded some 10 pesewas reduction. If all things are held equal, if the cedi whose performance has been quite stable over the past couple of weeks should be taken into account, Ghanaians should expect at least some marginal reduction in pump prices.”

The Chamber made this prediction looking at the world crude oil prices and as major oil-producing countries ramp up their production after the negative impact of COVID-19.

Energy think tank, Institute of Energy Security had earlier indicated a likely increase in fuel prices for the first pricing window in September.

Petrol is currently selling at GHS4.89 per litre while diesel is selling at GHS4.91 litre.