COPEC predicts marginal reduction in fuel prices from January 1

The Chamber of Petroleum Consumers-Ghana (COPEC) is projecting a marginal drop in the prices of fuel products effective January 1, 2023.

According to the Chamber, petrol is expected to be sold at a minimum price of GH¢9.30 per litre while diesel is expected to be sold between GH¢12.80 and GH¢15 per litre at various pumps.

This will be a decline of about 15 percent and 8 percent respectively in petrol and diesel prices depending on the oil marketing company.

Speaking to Citi News, the head of research at COPEC, Benjamin Nsiah, noted that, a decrease in the global prices of oil products and the recent stabilization of the cedi is responsible for the expected marginal drop.

“Petroleum users, basically motorists and other industrial users should expect a price decline of petrol of about 15 percent and that of diesel of about 18 percent. in the first pricing window of January which begins on January 1. Diesel is expected to be sold at a maximum price of GH¢14.60 per litre. However, other oil marketing companies are likely to sell diesel for GH¢12.80 or below and these are the smaller Oil Marketing Companies like Zen, Star Oil, Goodness and the rest.”

“With respect to petrol, the expected maximum price for this same pricing window is likely to be GH¢11.88 per litre and the minimum price is expected to be GH¢9.30 per litre and the smaller OMCs such as Zen, Goodness, and Star Oil are also expected to sell petrol for GH¢9 within the window.”

Ghana recorded astronomical fuel price increases in the November 1 pricing window when a litre of diesel was sold for GH¢23.49 per litre with petrol and kerosene also selling at GH¢17.99 per litre and GH¢14.70 per litre respectively.

The situation became dire and President Akufo-Addo in his address to the nation on the economy revealed that the government was “working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market. It is expected that this arrangement, when successful, coupled with a stable currency, will halt the escalation of fuel prices and bring relief to us all.”