Fuel consumers can look forward to a respite at the gas stations as the prices of diesel and Liquefied Petroleum Gas (LPG) are poised to decrease for the second consecutive time this January.
The Chamber of Petroleum Consumers (COPEC) has made this announcement, and the changes will take effect on Wednesday, January 17, 2024.
Although the exact adjustments in prices are yet to be finalized, COPEC anticipates a decrease in both diesel and LPG prices, attributing the positive trend to a global decline in finished product prices. Notably, this positive development comes in the face of a slight depreciation of the Ghanaian cedi in recent weeks.
Interestingly, petrol prices are expected to remain relatively steady, possibly with a minor increase of around 1%. Duncan Amoah, the Executive Secretary of COPEC, elucidated this phenomenon by pointing out current international market trends.
“Diesel prices dipped by roughly 2.8% per metric ton on the global market, while petrol experienced a slight increase of 3.6%. The cedi has remained relatively stable overall, although we’ve seen a 0.47-point dip in exchange rates,” Amoah explained.
He further remarked, “Overall, what our expectation is that prices of petrol are likely to remain stable with a 1 percent upward adjustment. Diesel is likely to see some reduction while LGP is also likely to see some reduction effective Wednesday which is the second window for January.”
