COPEC predicts fall in fuel prices by September ending

The Executive Secretary of  the Chamber of Petroleum Consumers (COPEC) Duncan Amoah has predicted a fall in the prices of fuel at the pump.

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

Mr Duncan Amoah indicated 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.

COPEC said, the forecast is done based on world crude oil prices and as major oil-producing countries ramp up their production after the negative impact of COVID-19.

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

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