COPEC predicts marginal fuel price drop towards end of 2020

Consumers of petroleum in Ghana can expect to purchase fuel at a reduced price for the rest of this year, the Chamber of Petroleum Consumers (COPEC) has predicted.

According to the Chamber, consumers are expected to enjoy a marginal drop in fuel prices with the forecast based on the occurrences on the global oil market.

Executive Secretary of COPEC, Duncan Amoah explained, “As we speak there is quite a volatile situation in the middle east. You have a situation where Saudi is now reducing their export value for even their crude. It has an effect on finished products.”

“We will be happy to have prices continuously fall so that Ghanaians can at least be able to accommodate their fuel expenditure. That notwithstanding, anything else could also happen so it is our anticipation that prices will fall between now and December. But if nothing happens geopolitically to change that dynamic it is quite likely that we will see prices drop,” he told Citi Business News.

Meanwhile, the outbreak of the coronavirus pandemic and its associated impact has negatively disrupted global oil markets with prices tumbling sharply.

The outbreak has since compelled oil producers to reduce their prices due to a massive drop in demand and uncertainty in fuel shortage across the globe.

Presently, petrol is currently selling at the pumps in Ghana for about GH¢4.89 per litre, while diesel is sold for GH¢ 4.91 per litre. This comes after price shortfall from almost GH¢5 per litre of fuel to GH¢3.5 per litre at some fuel stations during the coronavirus three-week lockdown period.