- The Chamber of Petroleum Consumers-Ghana (COPEC) has predicted that it is unlikely fuel prices would be reduced
- It explained that the kind of fuel that has experienced a downturn in world price is not the type used in Ghana
- COPEC, however, advised the Bulk Oil Storage and Transportation (BOST) to increase its reserves
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The Chamber of Petroleum Consumers-Ghana (COPEC), has advised Ghanaians to limit expectations with respect to fuel prices.
COPEC argued that it is unlikely prices would be reduced in Ghana even though oil prices have fallen on the international market.
It added that the Ghanaian market is largely dependent on Brent and for that reason, a fall in WTI may not affect prices in the country.
Per a report by GhanaWeb, it, however, recommended a boost in storage capacity by the Bulk Oil Storage and Transportation (BOST).
COPEC added that the collapse in price is largely reflected on crude and has very little direct impact on processed or refined products and by extension local pump prices.
YEN.com.gh has learned that WTI currently trades at $-15, the lowest price in decades, while Brent oil hovers around $26 per barrel.
The difference in prices has been attributed to the supposed unavailability of storage space across the United States market.
Some traders have reportedly paid for cargo to be returned before the close of the futures market for the month of April on April 22, 2020.
YEN.com.gh earlier reported that oil prices in the United States of America (USA) dropped by a historic 305% and now sells at -$36.73 per barrel.
The historic fall on Monday, April 20, 2020, saw traders unloading positions ahead of the May contract’s expiration on Tuesday, April 21, 2020.
YEN.com.gh understands that presently, buyers are being paid to take delivery as there is cost associated with transportation and storage.
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