Fuel consumers can anticipate relief at the pumps with a decrease in diesel and Liquefied Petroleum Gas (LPG) prices, marking the second consecutive drop in January.
The decline expected to take effect today, Wednesday, January 17, is a projection made by the Chamber of Petroleum Consumers (COPEC)
While the exact adjustments are pending, COPEC anticipates a reduction in diesel and LPG prices due to a global decline in finished product prices, despite a slight depreciation of the Ghanaian cedi against the dollar.
Petrol prices are expected to remain relatively stable, with a possible minor upward adjustment of around 1%, reflecting current international market trends.
COPEC Executive Secretary Duncan Amoah pointed to current international market trends as the reason for the decline.
“Diesel prices dipped by roughly 2.8% per metric ton on the global market, while petrol experienced a slight increase of 3.6%. The cedi has remained relatively stable overall, although we’ve seen a 0.47-point dip in exchange rates,” Amoah said.
He added, “Overall, what our expectation is that prices of petrol are likely to remain stable with a 1 percent upward adjustment.
“Diesel is likely to see some reduction while LGP is also likely to see some reduction effective Wednesday which is the second window for January.”