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COPEC predicts reduction in fuel prices in December

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Prices of both fuel and petrol could fall by 3 percent at local pumps in the first pricing window of the month of December, 2022, according to the Chamber of Petroleum Consumers-Ghana (COPEC). Prices of barrels of crude oil on the international market have fallen by 3 percent but these reductions would be realised only if the Bank of Ghana continues to directly support the Bulk Distributions Companies (BDCs) in the purchase of fuel in the international market. 

Sampson Addae, Monitoring and Evaluation Officer of COPEC made these statements when he spoke on A1 Radio’s Day Break Upper East Show today, Monday, November 28, 2022.

It would be recalled that the Chamber for Petroleum Consumers (COPEC) predicted that fuel prices in Ghana would fall after the Bank of Ghana met with the Bulk Distribution Companies (BDCs) and gave them favourable exchange rates for the second pricing window for November, 2022.  

This gave the BDCs more foreign currency.

Should the BoG continue with this strategy, there’ll be some marginal drops in the prices of fuel on the local market. 

“We are anticipating a marginal drop in the price of fuel. We are seeing a three percent decrease on the international market. Now, a barrel is sold at $85 or $86. We are also waiting to see if the Bank of Ghana would sustain or continue with their policy implementation of helping the BDCs with enough forex at a cheaper rate. If that happens, we are likely to see a drop in fuel prices at the local pumps,” he said. 

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

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