Fuel prices: COPEC Says Petrol And Diesel Not Likely To Witness Free Fall Despite Projected Reduction In March

Fuel prices: COPEC Says Petrol And Diesel Not Likely To Witness Free Fall Despite Projected Reduction In March

  • The chamber of petroleum consumers (COPEC) has predicted more reductions in fuel in the coming days
  • COPEC says in March, prices of petrol and diesel will be reduced between 3% and 4%, respectively
  • This follows a decline in petroleum prices on the world market coupled with the introduction of the gold-for-oil deal
  • Speaking exclusively to YEN.com.gh, Executive Director of COPEC, Duncan Amoah said the products will not witness a free fall for the rest of the year

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Petroleum prices will, in the coming days, see a further reduction.

This is the projection by the chamber of petroleum consumers (COPEC), which says the prices will further go down, considering the decline in the world market.

COPEC says it is not expecting a free fall in the prices of petroleum products despite their projected reduction in March
Executive Director of COPEC, Duncan Amoah and some fuel nozzles Image Credit: @duncan.amoah
Source: Facebook

In a statement, COPEC predicted that fuel prices would likely decline in the first pricing window in March 2023.

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Giving a breakdown, COPEC said petrol prices are expected to drop by 3.73% from the current market price of GH¢14.20 per litre to GH¢13.98 per litre.

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Diesel prices are also expected to drop by 4.04% from the current market price of GH¢14.57 per litre to GH¢13.66 per litre.

Speaking exclusively to YEN.com.gh, the Executive Director of COPEC, Duncan Amoah said despite the second consecutive fuel price fall, it does not necessarily mean they will continue to fall in the coming months.

"Fuel pricing under the price deregulation policy is determined by a number of factors. So this week, a fall in crude price may have resulted in a fall in pump prices despite the cedi depreciation, but in two weeks that can change totally."
"It may even be possible that a barrel of crude would fall further on the international market, however, the cedi depreciation could be so significant that the price of petrol, diesel and LPG would also go up."

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Meanwhile, COPEC has called on authorities in the country to take a second look at the factors contributing to the high prices of Liquified Petroleum Gas (LPG) which Ghana has in enormous commercial quantities, to ensure price stability or decline.

COPEC says this is necessary for the government to achieve its 50% target and to continuously promote LPG usage with an overall environmental promotion in mind.

COPEC predicts fuel price reduction despite cedi depreciation

Earlier, YEN.com.gh reported that COPEC had forecasted a slight drop in the prices of petrol and diesel prices from Wednesday, March 1, 2023.

The Ghanaian oil markets monitor said in a release that the predicted reduction is due largely to a drop in crude oil prices on the international market. COPEC-GH said a barrel of crude has dropped from $82.99 to $82.48/barrel on the international market.

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Source: YEN.com.gh

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