COPEC Foresees Slight Drop In Fuel Prices: Petrol To Sell At GH¢12.098 And Diesel GH¢12.694

• Consumers of petroleum products are expected to experience respite in their spending as fuel prices are expected to reduce slightly from October 16
• COPEC-GH, a petroleum think tank, has said lower international fuel prices and improved exchange rate between the cedi and dollar will bring prices down
• Between October 16 to November 1, COPEC anticipates petrol prices to fall to GH¢12.098 per litre and diesel prices to decrease to GH¢12.694 per litre

The Chamber of Petroleum Consumers (COPEC) predicts a minor reduction in fuel prices at Ghanaian pumps, effective from Monday, October 16, 2023.

COPEC's Executive Secretary, Duncan Amoah, attributes this expected decrease to lower international fuel prices and the Ghanaian cedi's strengthening against the US dollar.

Currently, petrol costs around GH¢12.63 per litre in Ghana, while diesel is priced at GH¢13.40 per litre.

During the upcoming second pricing window for October starting on October 16, COPEC anticipates petrol prices to fall to GH¢12.098 per litre and diesel prices to decrease to GH¢12.694 per litre.

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The National Petroleum Authority's price deregulation program governs these price adjustments.

COPEC's statement suggests marginal reductions at the pumps during the upcoming pricing window.

Last August, COPEC's prediction that fuel prices will increase by 5.7% came to pass.

The average price of petrol increased from GH¢12.45 per litre to GH¢12.97.

To reduce the impact on consumers, COPEC-GH called on the government to review taxes on petroleum products.

IMF says Ghana's economy showing signs of stabilisation

In a separate story, YEN.com.gh has reported that the IMF scored high marks for Ghana's economic recovery, noting that the economy is showing signs of stabilisation.

In the report released on October 6, 2023, the IMF said Ghana's economic growth in 2023 has proven more resilient than initially envisaged.

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These assessments were contained in an IMF staff report that was informed by meetings with the finance minister, the BoG governor and the vice president.

Professor Hanke turns his criticism on Bank of Ghana Governor

Also, in another news, Prof Steve Hanke slammed Dr Ernest Addison for creating challenges in Ghana's economy with his monetary policy decisions.

He made the comment via a post on X, formerly Twitter when thousands of Ghanaians stormed the streets of Accra for the OccupyBoG demonstrations.

The demonstration on Tuesday, October 3, 2023, was to compel the BoG Governor to resign over losses in 2022, among other reasons.

Source: YEN.com.gh