Fuel consumers can expect some relief at the pumps as diesel and liquefied petroleum gas (LPG) prices are set to decrease, marking the second consecutive drop in January.
This announcement comes from the Chamber of Petroleum Consumers (COPEC) and takes effect on Wednesday, January 17, 2024.
While the exact price adjustments are yet to be finalised, COPEC anticipates a decline for both diesel and LPG due to a global drop in finished product prices. This positive trend comes despite a slight depreciation of the Ghanaian cedi in recent weeks.
Interestingly, petrol prices are expected to remain relatively stable, possibly with a minor upward adjustment of around 1%.
COPEC Executive Secretary Duncan Amoah explains this dynamic by highlighting current international market trends.
“Diesel prices dipped by roughly 2.8% per metric tonne on the global market, while gasoline 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 said.
He added, “Overall, our expectation is that prices of gasoline 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.”
Source: CitiNewsRoom
