COPEC Forecasts 8% Reduction in Diesel Prices

Accra, Ghana - 16 May, 2025 - Ghana's Chamber of Petroleum Consumers (COPEC) has announced a substantial reduction in fuel prices, effective today, May 16.

The price drops are part of a consistent decline in petroleum product prices over recent weeks.

According to Paul Eric Ofori, Head of Research at COPEC, diesel prices are set to drop by 8.3% to 8.5%, one of the largest single-window reductions in recent months. This brings the cumulative reduction since February to around 25-26%.

“Cumulatively, we have witnessed about a 25 to 26% reduction since the second window of February. And all the way consistently, we have witnessed a drop in prices,” he said in an interview on Channel One TV’s Breakfast Daily show.

Other petroleum products will also see price drops, with petrol expected to decrease by around 4% and Liquefied Petroleum Gas (LPG) by 10%. Diesel prices could drop by at least 1GHS, providing relief to consumers who have been struggling with high fuel prices according to Ofori.

“In a nutshell, we are looking at diesel dropping about 1GHS at least,” he emphasised, highlighting the potential relief this will bring to consumers who have been grappling with high fuel prices in recent months.

However, COPEC has raised concerns over Oil Marketing Companies' (OMCs) slow implementation of price reductions. Ofori appealed to OMCs to promptly reflect the downward adjustments at the pumps, noting that they are usually quick to adjust prices upwards during times of increase.

"We want to appeal to the OMCs to bring their members in line and reduce their prices at the pump," he urged, calling on the Association of Oil Marketing Companies to ensure its members comply.

Source: Lead News Online