COPEC projects drop in fuel prices from Jan 1

The Chamber of Petroleum Consumers (COPEC) is projecting a further drop in fuel prices at the pumps from Sunday, January 1, 2023.

According to COPEC petrol is expected to be sold at a minimum price of GH¢9.30 per litre while diesel is expected to be sold between GH¢12.80 and GH¢15 per litre at various pumps.

The expected drop in prices of petroleum products on the international market and the stabilisation of the cedi is what is pushing for the drop, COPEC said.

In a radio interview with Accra based Citi FM, the head of research at COPEC, Benjamin Nsiah said “Petroleum users, basically, motorists and other industrial users should expect a price decline of petrol of about 15 percent and that of diesel of about 18 percent.

In the first pricing window of January which begins on January 1, diesel is expected to be sold at a maximum price of GH¢14.60 per litre.

However, other oil marketing companies are likely to sell diesel for GH¢12.80 or below and these are the smaller Oil Marketing Companies like Zen, Star Oil, Goodness and the rest.”

He added that “With respect to petrol, the expected maximum price for this same pricing window is likely to be GH¢11.88 per litre and the minimum price is expected to be GH¢9.30 per litre and the smaller OMCs such as Zen, Goodness, and Star Oil are also expected to sell petrol for GH¢9 within the window.”

Fuel prices shot up in the November 1 pricing window when a litre of diesel was sold for GH¢23.49 per litre with petrol and kerosene also selling at GH¢17.99 per litre and GH¢14.70 per litre respectively.