Fuel prices expected to remain stable in October despite international market fluctuations, says COPEC
Ghana’s petroleum product prices are set to remain unchanged for the month of October, offering a welcome respite to consumers.
While there is a potential 1% upward adjustment at the pump, projections from the Chamber of Petroleum Consumers (COPEC) suggest that fierce competition among Oil Marketing Companies (OMCs) will likely prevent this cost increase from being passed on to consumers.
The remarkable price stability in Ghana’s petroleum market is attributed to two key factors: the steady global oil prices and the stability of the Ghanaian Cedi.
According to Duncan Amoah, the Executive Secretary of COPEC, “There have been some price variations as far as the international market pricing is concerned and again, there has been some relative stability with the local currency over the last two weeks period.”
He further added, “The pump price could have reflected some 1% upward adjustment but having spoken to a good number of oil marketing companies, we are confident that prices will remain at the current level so it is not likely you will get an increase, it is unlikely there will be a reduction, the OMCs are likely to maintain pump prices at the level that they currently sell for the first pricing window in the month of October,”
This forecast offers relief to consumers and underscores the competitive dynamics within the Ghanaian fuel market, where OMCs are poised to absorb potential cost increases to maintain their market share. It also highlights the role of external factors, including international oil prices and currency stability, in determining domestic fuel pricing in Ghana.
