Petrol Prices to Drop Slightly in February as Diesel Remains Stable – COPEC

The Chamber of Petroleum Consumers Ghana (COPEC) has announced that petrol prices are expected to fall marginally in early February, while diesel prices are projected to remain unchanged.

According to COPEC, the outlook is driven by recent trends on the international petroleum market. Although global diesel prices have risen by about five percent, the local market is unlikely to see an increase due to falling inventory costs recorded by Bulk Distribution Companies (BDCs).

Executive Secretary of COPEC, Duncan Amoah, explained that the Ghanaian market will not reflect the global diesel price surge because week-on-week data from BDCs show a decline in local diesel supply costs.

“You are likely to see some nominal adjustment in the price of petrol, while diesel is likely to be maintained at current levels,” he said in an interview with Citi News.

Mr. Amoah, however, cautioned that the stable outlook is fragile and could change rapidly if global crude prices surge.

“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 a spike, but then the global over-supply situation saw to it that it didn’t turn out bullish,” he noted.

COPEC continues to monitor market indicators as the next pricing window approaches.