Earlier, The Chamber of Petroleum Consumers, COPEC predicted a reduction in prices of fuel for the second pricing window of September.
The pandemic brought a drastic drop in demand especially during the periods of nations enforcing lockdown protocols. Oil producers, therefore, had no choice than to lower prices to prevent running out of storage or having excess in supply.
In Ghana, for instance, prices of fuel fell to GH¢3.5 per litre from prices close to Gh¢5.00 per litre, at some fuel station.
Despite many nations easing restrictions and getting back to economic life, which all other things being equal will stimulate demand for fuel hence increase in fuel prices, COPEC believes that there will be some reduction in fuel prices till the end of 2020 given current market trends.
In an interview monitored by Ghana Talks Business, Duncan Amoah, the Executive Secretary of COPEC, made the following statement,
“As we speak there is quite a volatile situation in the Middle East. You have a situation where Saudi is now reducing their export value for even their crude. It has an effect on finished products. We will be happy to have prices continuously fall so that Ghanaians can at least be able to accommodate their fuel expenditure. That notwithstanding, anything else could also happen so it is our anticipation that prices will fall between now and December. If nothing happens geopolitically to change that dynamic it is quite likely that we will see prices drop”.
Currently, the average price of fuel stands at GH¢4.89 per litre for petrol and GH¢4.91 per litre. However, some fuel leaders like Goil have their price around GH¢4.77 for both petrol and diesel.
Based on COPEC’s prediction, consumers can expect to purchase fuel at reduced prices.