Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has stated that there is a reduction in petroleum products globally but Ghanaians are likely to wake up to price increases at the pumps instead.
Duncan Amoah stated, “Petroleum prices have gone down globally and you should have had reductions in prices too but unfortunately you in Ghana will not get any such benefit, because your local currency has steeply depreciated in excess of 8% within the past two weeks.”
Petroleum products; Gasoline [petrol], Gasoil [diesel] and Liquified Petroleum Gas (LPG) recorded a fall of about 5.68%, 4.51% and 4.72% respectively.
Due to the fall in global prices, the norm would be to reflect in the local market in the second pricing window for May 2024. However, the price reductions recorded for refined petroleum products on the international market will likely not impact Ghanaians positively due to the Cedi’s depreciation.
All prices of petroleum products have fallen significantly on the world fuel market. However, the executive secretary thinks otherwise for Ghanaians.
