Josiah
It appears that petroleum product prices are expected to stay steady throughout the month of October. Projections made by the Chamber of Petroleum Consumers (COPEC) suggest a possible one percent increase in pump prices, but due to competitive pressures among oil marketing companies, it is anticipated that this additional cost will not be passed on to consumers.
Duncan Amoah, the Executive Secretary of COPEC, pointed out that the stability of the Ghanaian cedi and the consistent pricing of oil in the global market are the primary factors contributing to this price stability. He stated, “There have been some price variations as far as the international market pricing is concerned, and again, there has been some relative stability with the local currency over the last two weeks period.”
He went on to explain, “The pump price could have reflected some 1% upward adjustment, but having spoken to a good number of oil marketing companies, we are confident that prices will remain at the current level. So it is not likely you will get an increase, it is unlikely there will be a reduction. The oil marketing companies are likely to maintain pump prices at the level that they currently sell for the first pricing window in the month of October.”
Source: Omanghana.com
