Fuel prices to decline from October 16, 2023 -COPEC

The Chamber of Petroleum Consumers (COPEC) has made a prediction that fuel prices at pumps across the country will decrease starting from Monday, October 16, 2023.

In a statement released on Friday, Duncan Amoah, the Executive Secretary of COPEC, attributed the expected decrease in fuel prices to a notable decline in global product prices and the apparent strengthening of the cedi against the US dollar.

As of now, the average price for petrol in Ghana is GH¢12.63 per litre, and diesel is priced at GH¢13.40 per litre.

COPEC predicts that during the second pricing window of October, which commences on Monday, October 16, 2023, petrol prices may potentially decrease to GH¢12.098 per litre, and diesel prices may similarly drop to GH¢12.694 per litre, as per their statement.

“The second pricing window for the month of October under the National Petroleum Authority’s price deregulation programme on petroleum pricing is set to commence from Monday the 16th of October.”

“Indications of prices based on international price movements and the forex performance over the past forthright points to some marginal reductions across pumps for the coming window as confirmed by CBOD petroleum pricing outlook for the window,” COPEC announced in its statement.