Petroleum prices in Ghana are expected to drop slightly in the second pricing window of October, starting on Monday, October 16, 2023.
This is according to projections from the Chamber of Petroleum Consumers (COPEC).
COPEC based its projections on international price movements and the forex performance over the past four weeks. It found that international crude oil and refined product prices have fallen significantly, while the Ghana cedi has appreciated slightly against the US dollar.
As a result, COPEC projects that petrol prices will drop by an average of 3.73 percent, diesel prices will drop by an average of 5.55 percent, and LPG prices will drop by an average of 5.07 percent.
However, COPEC cautioned that the actual price changes at the pumps may vary depending on the individual oil marketing company.
Here is a table summarizing COPEC’s projections for the second pricing window of October:
| Product | Current Mean Price (GHS/L) | Expected Mean Price (GHS/L) | Expected Mean % Drop |
| Petrol | 12.63 | 12.098 | 3.73 |
| Diesel | 13.40 | 12.694 | 5.55 |
| LPG | 13.40 | 12.147 | 5.07 |
COPEC urged consumers to take advantage of the expected price drop and stock up on petroleum products. It also called on the government to monitor the situation closely and ensure that oil marketing companies pass on the full benefit of the price drop to consumers.
By Eben Agyekum-Boateng 3Business