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The Chamber of Petroleum Consumers Ghana (COPEC) has projected a slight decrease in petrol prices at the pump for the first pricing window of February.
The forecast is based on recent developments in Ghana’s downstream petroleum industry as well as conflicting changes in the prices of petroleum products globally.
COPEC anticipates local market conditions will allow a slight downward adjustment in petrol prices, with diesel projected to remain broadly stable, despite some volatility in global data.
Duncan Amoah, Executive Secretary of COPEC, told Citi News that while diesel prices have significantly increased on the global market, current data from Bulk Distribution Companies (BDCs) indicates that petrol prices have been comparatively steady.
According to Mr. Amoah, “Prices are likely to remain stable for this window, although petrol has stayed stable, diesel has gone up quite significantly, about five per cent, unfortunately, the local market will not respond with the increase because the numbers I have picked from some of the BDCs indicate that they have gone down rather week on week.”
He pointed out that while diesel prices are anticipated to remain at their current levels nationwide, this trend is likely to result in a little decrease in petrol costs at the pump.
He continued, “So, you are likely to see some nominal adjustment in the price of petrol, while diesel is likely to be maintained at the current levels that you find it.”
The forecast from COPEC is consistent with the larger trend of cautious price adjustments made by Oil Marketing Companies (OMCs) in recent months as they have attempted to strike a balance between domestic demand conditions, exchange rate considerations, and changes in worldwide prices.
But Mr. Amoah warned that if global concerns worsen, the scenario might shift quickly. He called on officials and business leaders to keep a careful eye on world events that can affect the supply of crude oil and raise import prices.
He warned of tensions between key oil-producing regions, saying, “If it happens, you potentially are looking at crude jumping over 80 to the 100th region in no time.”
He noted that a global oversupply has so far prevented a positive jump in prices, citing the situation in Venezuela as an example of a potential cause for price hikes.
Although the current forecasts provide some respite for customers, COPEC stated that in the upcoming weeks, wise management of Ghana’s downstream petroleum sector, global market circumstances, and geopolitical developments will determine prolonged price stability.
Source: newsthemegh.com
