Petrol prices may drop in second November pricing window – COPEC

Petrol prices could fall during the second pricing window of November 2026 following a recent decline in global crude oil prices, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has predicted.

Speaking on Eyewitness News on Thursday, November 5, Mr Amoah explained that changes in crude oil prices generally take between 6 and 7 days to reflect in the prices of refined petroleum products.

He said crude oil prices had recorded a cumulative decline of more than 12 to 14 per cent over the preceding 48 hours, creating the possibility of lower petrol prices in the coming days.

“Over the past 48 hours, you’ve seen cumulatively more than a 12 to 14% decline in prices of crude oil globally,” he said.

According to him, the sustained downward movement in international prices could translate into some relief for motorists during the next pricing window.

“If all things are equal, and what we have observed since the mid-term elections in America happened is that you have seen prices consistently drop on the international market, our prediction or projection will be that for the second window of November, the cost of petrol, particularly, would have witnessed some reduction,” he said.

Mr Amoah, however, cautioned that diesel prices might not experience a similar reduction, pointing to seasonal demand pressures as winter approaches in Europe, Asia and the Americas.

He explained that colder weather typically drives up diesel consumption in several countries, particularly because of its use for heating, which could limit the extent of any price cuts.

He called on Oil Marketing Companies (OMCs) and Bulk Distribution Companies (BDCs) to ensure that the anticipated decline in international prices is passed on to consumers.

“But petrol is likely to come down, and we would be hoping that the OMCs, the BDCs, would let that reduction reflect,” he said.

Despite the positive outlook, the COPEC Executive Secretary warned that escalating geopolitical tensions could trigger another increase in crude oil prices.

He specifically cited the possibility of renewed hostilities between the United States and Iran over the Strait of Hormuz, warning that any disruption to oil supplies through the strategic waterway could push global prices upwards.

“We are not completely out of the woods yet because, again, you also hear the United States government indicate that there will be a resumption of hostilities with Iran over the Strait of Hormuz,” he said.

Mr Amoah said the movement of petroleum prices in the coming days would largely depend on developments in the international oil market and the broader geopolitical situation.