Petroleum prices in Ghana are predicted to fall somewhat in the second October pricing window, which begins on Monday, October 16, 2023.
According to the Chamber of Petroleum Consumers (COPEC), this is the case.
COPEC’s estimates are based on worldwide pricing movements and FX performance over the last four weeks. It discovered that worldwide crude oil and refined product prices have declined dramatically, while the Ghana cedi has somewhat gained against the US dollar.
As a result, COPEC predicts that petrol prices will fall by 3.73 percent on average, diesel prices will fall by 5.55 percent, and LPG prices would fall by 5.07 percent on average.
COPEC noted, however, that real price fluctuations at the pump may differ based on the specific oil marketing business.
The following table summarizes COPEC’s forecasts for the second October price window:
|Product||Current Mean Price (GHS/L)||Expected Mean Price (GHS/L)||Expected Mean % Drop|
COPEC recommended people to stock up on gasoline items in anticipation of a price decline. It also urged the government to keep a close eye on the issue and guarantee that oil marketing businesses pass on the full advantage of the price cut to customers.