The Chamber of Petroleum Consumers Ghana (COPEC) is predicting a 3 to 5 percent drop in fuel prices at local pumps starting this Saturday, November 16. This welcome relief comes despite the current petrol shortage affecting some outlets nationwide.
According to Executive Secretary at COPEC, Duncan Amoah, the supply of petrol is expected to improve within the next 48 hours, easing the pressure at the pumps.
‘‘The only challenge has to do with the financing bit, where some of the traders are clearly demanding that whatever debt owed them be paid and then again there is ‘backwardation’ where prices are rolling back and so if you lock prices in at this time, as a trader you are likely to take a hit because prices continue to decline across the world. That makes trading quite difficult. All said and done, we expect the situation to improve’’, according to Duncan Amoah.
This update is a testament to COPEC’s efforts to ensure stability in the petroleum market.
The projected drop in the prices of petroleum products at the local pumps is attributed to reduction in prices of the crude and finished products on the global market and a fairly stable cedi against the major trading currencies.
‘‘For the coming pricing window, which commences on Saturday, November 16, from what COPEC has gathered and data available, indicate that fuel prices could ease by 3 to 5 percent at the local pumps. But the gain will definitely be on condition that the cedi does not depreciate any further from where it is currently’’, he noted.
By Eben Agyekum-Boateng, 3Business
