COPEC projects marginal drop in petrol prices in February

The Chamber of Petroleum Consumers Ghana (COPEC) is projecting a marginal downward adjustment in petrol prices in the first pricing window of February.

The outlook follows recent movements in international petroleum product prices, which continue to influence local pump price dynamics.

Speaking to Citi News, the Executive Secretary of COPEC, Duncan Amoah, said diesel prices are expected to remain largely stable at the pumps.

“Prices are likely to remain stable for this window, although petrol has stayed stable, diesel has gone up quite significantly, about five per cent. Unfortunately, the local market, as I indicated, will not respond with the increase because the numbers I have picked from some of the BDCs indicate that they have gone down rather week on week.

“So, you are likely to see some nominal adjustment in price of petrol, while diesel is likely to be maintained at the current levels that you find it.”

Mr Amoah also cautioned authorities to closely monitor ongoing geopolitical tensions, warning that any escalation could quickly translate into higher import costs and upward pressure on domestic fuel prices.

“If it happens, you potentially are looking at crude jumping over 80 to the 100th region in no time. The Venezuelan situation could have equally resulted in the spike, but then the global over-supply situation saw to it that it didn’t turn out bullish,” he said.

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