COPEC predicts fall in fuel prices by September ending

The Chamber of Petroleum Consumers (COPEC) has predicted a decrease in the prices of fuel at the pump.

According to COPEC, the marginal reduction should kick in by end of September.

Executive Secretary of COPEC, Duncan Amoah, told Citi News that the fall will be 1% for petrol and 2% for diesel.

“Our checks with the platt benchmark indicates petrol probably has lost about 4 pesewas per litre if you do just the international benchmark platt values. Again, diesel also seem to have recorded some 10 pesewas reduction. If all things are held equal, if the cedi whose performance has been quite stable over the past couple of weeks should be taken into account, Ghanaians should expect at least some marginal reduction in pump prices,” Duncan Amoah said.

According to COPEC, it made the forecast based on world crude oil prices and as major oil-producing countries ramp up their production after the negative impact of COVID-19.

Energy think tank, Institute of Energy Security had earlier indicated a likely increase in fuel prices for the first pricing window in September.

Petrol is currently selling at GHS4.89 per litre while diesel is selling at GHS4.91 litre.