In an official statement released on Friday, COPEC’s Executive Secretary, Duncan Amoah, attributed this foreseen decline in fuel costs to the decrease in international product prices and the apparent strengthening of the Ghanaian cedi in comparison to the US dollar.
COPEC’s projections indicate that the price of petrol is likely to decrease to GH¢12.098 per liter, with diesel prices expected to fall to GH¢12.694 per liter during the second pricing window of October, which is set to take effect from October 16, 2023, as scheduled.
“The commencement of the second pricing window for the month of October, as part of the National Petroleum Authority’s price deregulation program on petroleum pricing, is slated for Monday, the 16th of October,” the statement affirms.
“Signs of these price adjustments are drawn from international price movements and the recent performance of the forex market over the past month, which points to some marginal reductions in fuel prices at the pumps in the upcoming window, as corroborated by CBOD’s petroleum pricing outlook for the window.”
At present, the average price for petrol in Ghana stands at GH¢12.63 per liter, while diesel is priced at GH¢13.40 per liter.
This projected reduction is poised to provide some relief to consumers at the pumps, with COPEC’s announcement generating anticipation for more affordable fuel prices during the upcoming pricing window.