COPEC Projects Modest Petrol Price Reduction as Diesel Holds Steady in February
Ghanaian motorists are expected to see a slight reduction in petrol prices at the pumps from early February, while diesel prices are projected to remain unchanged.
This outlook has been provided by the Chamber of Petroleum Consumers Ghana, commonly known as COPEC, following its assessment of recent movements in global petroleum markets.
According to the chamber, trends in international pricing suggest modest relief for petrol users. Diesel prices on the global market have risen, but this has not translated into higher local prices due to declining inventory costs held by Bulk Distribution Companies.
Executive Secretary of COPEC, Duncan Amoah, explained that although diesel prices have recorded notable increases internationally, local stock costs have fallen steadily in recent weeks, preventing any upward adjustment at the pumps.
He indicated that petrol prices are likely to experience only a minimal downward adjustment, while diesel prices are expected to hold steady within the upcoming pricing window.
Mr Amoah, however, warned that the current stability remains uncertain and could change quickly depending on global developments. He noted that geopolitical risks, including potential supply disruptions, could trigger sharp increases in crude oil prices. He added that while situations such as developments in Venezuela had the potential to push prices higher, the prevailing global oversupply has so far prevented a major surge.
