Petrol prices to drop again in February

The Chamber of Petroleum Consumers Ghana (COPEC) has projected a marginal reduction in petrol prices in the first pricing window of February, citing recent trends in international petroleum markets.

The projection follows movements in global petroleum product prices, which continue to shape fuel pricing at local pumps.

Speaking to Citi News, COPEC’s Executive Secretary, Duncan Amoah, said diesel prices are expected to remain largely unchanged despite recent fluctuations.

“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 further cautioned authorities to keep a close watch on global geopolitical developments, warning that heightened tensions could quickly affect import costs and drive domestic fuel prices upward.

“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.