Petrol Prices to Drop Marginally in February – COPEC
Marginal petrol reduction expected as diesel prices hold steady amid stable local inventory costs
- Petrol prices in Ghana are expected to drop slightly in early February, while diesel prices remain unchanged.
- COPEC attributes stable diesel prices to lower local inventory costs despite global increases.
- The outlook remains fragile, with global crude fluctuations and geopolitical tensions capable of impacting local fuel prices.
Ghanaian motorists can expect a slight reduction in petrol prices in early February, while diesel prices are projected to remain unchanged, according to the Chamber of Petroleum Consumers Ghana (COPEC).
The forecast is based on recent movements in international petroleum markets.
Executive Secretary of COPEC, Duncan Amoah, explained that although global diesel prices have recorded increases, lower local inventory costs are expected to prevent any corresponding rise in pump prices.
“Prices are likely to remain stable for this pricing window,” he said. “While petrol prices have largely stayed stable, diesel prices have increased significantly on the international market—by about five per cent. However, data from some Bulk Distribution Companies (BDCs) show a week-on-week decline in local costs, which means the local market is unlikely to reflect that increase.”
Mr Amoah noted that consumers should therefore expect only a nominal downward adjustment in petrol prices, with diesel prices maintained at current levels.
He cautioned, however, that the outlook remains fragile and could change depending on global developments.
“If crude prices spike beyond the $80 to $100 range, the situation could change quickly,” he said, adding that geopolitical tensions, including developments in Venezuela, could have triggered price hikes, but global oversupply has so far prevented a bullish surge.
