The Chamber of Petroleum Consumers (COPEC) says it expects at least a 3% drop in prices of petroleum products at the pumps by the end of this week.
In a statement Tuesday, COPEC said with the world market prices of crude oil falling by some 6.122% — from $49 per barrel to current levels of $46 per barrel – there is a strong case for fuel prices to go down in Ghana.
The Chamber also says because the local currency has remained largely stable it expects the retailers to beat down price of the commodity.
“With further drops expected in world market prices one can safely expect local pump prices to go down by some 3% between now and the end of second window in June,” said COPEC.
The Chamber further notes that some key oil marketing companies including GOIL have already started adjusting prices downwards as pump prices currently are dispensing petrol at GH¢3.85 per litre from the previous GH¢3.89 per litre.
Read the full statement from COPEC below.
Fuel prices across most pumps have remained very stable over the past two months since the latter part of April, with most pumps dispensing petrol at ghc3.89/litre and diesel at ghc3.89/litre.
World market prices have since seen some cumulative reductions of about 6.122% from previous $49/ barrel to current levels of $46/ barrel.
The local currency has also remained largely stable with the cedi losing a few points to close trading at ghc4.38/$1 from previous trading levels of ghc4.29/1$.
With further drops expected in world market prices one can safely expect local pump prices to go down by some 3% between now and the end of second window in June
Some key oil marketing companies including GOIL have already started adjusting prices downwards as pump prices currently are dispensing petrol at ghc3.85/litre from.the previous ghc3.89/litre.
Public expectations of further reductions by the other Oil Marketing Companies (OMCs) in the coming days remain high.
Meanwhile activities of the fuel smuggling syndicate continue to remain a huge challenge as volumes of this illegal trade continue to increase by the day with direct revenue losses of about ghc2.24million daily.
Reports of Ghanaian trucks hanging Burkina Fase number plates to load products from the Tema Oil Refinery in the name of exporting same to our neighbouring countries but selling same in the country, thereby evading all the taxes remain rife.
We once again call on the security agencies to arrest and prosecute all connected to this illegal syndicate without fail.
Signed
Williams Boakye Yiadom
Research and Pricing
Copec Ghana