COPEC forecasts fuel price reduction for November's second window

Accra, Ghana Nov 15, 2024 - Consumers can expect a welcome reprieve at the pumps as fuel prices are set to decrease starting Saturday, November 16. Industry watchdog, Chamber of Petroleum Consumers (COPEC), predicts a drop in petrol and diesel prices.

Petrol Prices to Dip by 5.06%

- Current average: GHȼ14.30 per litre
- Projected range: GHȼ12.90 - GHȼ14.26 per litre

Diesel Prices to Fall by 3.88%

- Current average: GHȼ15.16 per litre
- Projected range: GHȼ13.85 - GHȼ15.31 per litre

This downward trend follows months of steady increases in refined petroleum product prices. State-owned GOIL's diesel price, for instance, jumped from GHȼ14.90 per litre in October's second pricing window to GHȼ15.45 per litre in November's first window.

COPEC attributes the forecasted decrease to fluctuations in global oil prices and exchange rates. This adjustment brings much-needed relief to consumers who have borne the brunt of recent price hikes.

Key Factors Driving Price Reduction:

- Global oil price adjustments
- Exchange rate dynamics
- Market corrections

Consumers can look forward to savings at the pumps as the second pricing window of November commences.

Source: Lead News Online