Fuel prices across the country are expected to decrease starting Monday, October 16, 2023, as predicted by the Chamber of Petroleum Consumers (COPEC).
In a statement released on Friday, the Executive Secretary of COPEC, Duncan Amoah, attributed the anticipated reduction in fuel prices to a significant decrease in international market prices for petroleum products and the strengthening of the cedi against the US dollar.
Currently, the average price for petrol in Ghana is GH¢12.63 per liter, and diesel is sold for GH¢13.40 per liter.
According to COPEC, during the second pricing window of October, which begins on Monday, October 16, 2023, petrol prices may drop to GH¢12.098 per liter, and diesel prices could decrease to GH¢12.694 per liter.
COPEC’s statement read, “The second pricing window for the month of October, as part of the National Petroleum Authority’s price deregulation program on petroleum pricing, is set to commence on Monday, the 16th of October.”
“The indications of price adjustments are based on international price movements and the performance of the forex exchange rate over the past month, suggesting marginal reductions in fuel prices at the pumps during the upcoming pricing window, as confirmed by the CBOD petroleum pricing outlook for the window,” COPEC announced in its statement.