COPEC Predicts Fuel Price Reduction In August


Duncan Amoah, Executive Secretary, COPEC

THE EXECUTIVE Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has given hint that the prices of petroleum products are likely to decline further in August given the reduction in the prices of petroleum products on the international market.

According to him, this would largely be made possible if the cedi is stabilised against other currencies on the world market.

Mr. Amoah, in an interview with the DAILY GUIDE following the reduction in the prices of petroleum products at the pumps last week, said “there is the likelihood of a sustained decline through the month of August, the only thing the country has to guard against is the depreciation of the local currency. Once we are able to hold the currency stable like we have done, it is likely that there will be a sustained reduction through the month of August also.”

He   further explained “You have two things out of the three that determines fuel prices currently pointing downwards; I talk of international market benchmarks that have seen a decline, and diesel over the two week window saw a decline of some 11.6 percent while petrol saw a reduction of 3.6 percent. If you do the numbers, you are doing 30 pesewas for petrol and 80 to 90 pesewas for diesel.”

He stated that a further decline is expected in the coming months considering the current reduction in the individual petroleum products such as diesel which recorded 96 pesewas within the period while petrol also recorded 28 to 29 pesewas per litre reflecting on the individual product accordingly.

Total Energies and GOIL have all reduced prices of fuel at the pumps since last week.

He also mentioned that his outfit and other stakeholders had began some negotiations and discussions with the transport unions last week for them to hold on  with any  adjustment while they wait for further  development at the pumps  in the coming months.

“If you recall, they were supposed to have increased fares, but they have not done so largely in part due to the negotiations and discussions with them. We are still impressing on them to hold on a bit for a few more days to see how the pumps turn out before any such increases but we do think that increases that were announced could be stopped at this point because, pump prices are definitely coming down,” he stated.


BY Ebenezer K. Amponsah