Petrol Prices to Dip Slightly in February, Diesel to Remain Unchanged

Motorists in Ghana may see a marginal reduction in petrol prices at the start of February, while diesel costs are expected to stay the same.

This projection comes from the Chamber of Petroleum Consumers Ghana (COPEC), which attributes the outlook to recent developments in global market trends.

Executive Secretary of COPEC, Duncan Amoah, explained that although international diesel prices have risen, local inventory costs have declined, preventing an increase at the pumps.

“Prices are likely to remain stable for this window, although petrol has stayed stable, diesel has gone up quite significantly, about five per cent. Unfortunately, the local market, as I indicated, will not respond with the increase because the numbers I have picked from some of the BDCs indicate that they have gone down rather week on week.

You are likely to see some nominal adjustment in the price of petrol, while diesel is likely to be maintained at current levels,” Amoah told Accra-based Citi News.

He cautioned, however, that the current stability could be short-lived.

“If it happens, you potentially are looking at crude jumping over 80 to the 100th region in no time. The Venezuelan situation could have equally resulted in the spike, but then the global over-supply situation saw to it that it didn’t turn out bullish,” he noted.