Fuel consumers are poised to experience a welcome respite at the fuel pumps, as diesel and Liquefied Petroleum Gas (LPG) prices are anticipated to decrease for the second consecutive time in January. The Chamber of Petroleum Consumers (COPEC) has officially announced that this adjustment will take effect on Wednesday, January 17, 2024.
While the precise details of the price adjustments are still being finalized, COPEC foresees a decline in both diesel and LPG prices, attributing this positive development to a global reduction in finished product prices. This encouraging trend persists despite a slight depreciation of the Ghanaian cedi in recent weeks.
Interestingly, petrol prices are expected to remain relatively stable, with a possible minor upward adjustment of approximately 1%. Duncan Amoah, the Executive Secretary of COPEC, elucidated this dynamic by drawing attention to current international market trends.
“Diesel prices have experienced a decrease of around 2.8% per metric ton on the global market, while petrol has seen a slight increase of 3.6%. The cedi, on the whole, has maintained relative stability, with a marginal 0.47-point dip in exchange rates,” explained Amoah.
He further stated, “In summary, our expectation is that petrol prices are likely to remain stable with a 1 percent upward adjustment. Diesel is poised for a reduction, and LPG is also expected to see a decrease, effective Wednesday, which marks the second window for January.”