Petroleum prices expected to drop at local pumps – COPEC

It is anticipated that there will be a marginal decrease in the price of petroleum in Ghana during the second pricing window of the month of October, which will begin on Monday, October 16, 2023.

This is what the estimates from the Chamber of Petroleum Consumers (COPEC) have said will happen.

COPEC based its forecasts on the fluctuations in international prices and the performance of the FX market during the past month and a half. It was discovered that international prices for crude oil and processed products have dropped by a sizeable amount, although the value of the Ghana cedi has increased marginally in comparison to the US dollar.

As a direct consequence of this, COPEC forecasts that the price of petrol will fall by an average of 3.73 percent, the price of diesel will fall by an average of 5.55 percent, and the price of LPG will fall by an average of 5.07 percent.

However, COPEC issued a warning that the actual price adjustments that consumers may see at the pumps may be different depending on the oil marketing business that they use.

The following is a table that provides a concise overview of COPEC's estimates for the second pricing window in the month of October:

The product's current mean price expressed in GHS per litreEstimated Weighted Average Price (GHS/L)Decrease in Mean Percentage
Petrol or diesel12.63 12.098 3.73
Diesel engine13.40 12.694 5.55 LPG13.40 12.147 5.07
Consumers were urged by COPEC to take advantage of the anticipated decrease in prices for petroleum products and to stock up now. In addition to this, it demanded that the government keep a close eye on the issue and make certain that oil marketing corporations pass on the full benefits of the price drop to the end users of their products.