Drivers, drifters and passengers take note! A reduction in diesel prices is on the horizon, marking the second consecutive drop this January.
Set to be enforced from Wednesday, January 17, 2024, this announcement by the Chamber of Petroleum Consumers (COPEC) is indicative of some development in the international market.
Using fuel prices on CediRates the trend shows more stability with slight changes expected. COPEC projects a downturn in diesel prices, a trend attributed to a global decrease in finished product prices.
Interestingly, petrol prices are anticipated to remain relatively stable, with a projected minor upward adjustment of approximately 1%.
Duncan Amoah, COPEC's Executive Secretary sheds more light pointing to current international market trends.
"Diesel prices have witnessed a decline of approximately 2.8% per metric ton on the global market, whereas petrol has experienced a modest increase of 3.6%. Although the Ghanaian cedi has experienced a marginal dip in exchange rates – 0.47 points – it has, on the whole, maintained a relatively stable position," Mr Amoah explained.
He further clarified, "Our prognosis is that petrol prices are likely to remain stable with a 1 percent upward adjustment. Diesel, on the other hand, is expected to undergo a reduction, effective Wednesday, marking the second window for January."
For real-time updates on fuel prices, check cedirates.com/fuelprices and easily compare the latest prices at various filling stations. Take note of JP's petrol price at 11.57 and diesel at 12.57, alongside StarOil's recent adjustments, increasing petrol price to 11.69 and diesel to 12.69.