Fuel prices likely to remain stable despite global decline - COPEC

The Chamber of Petroleum Consumers (COPEC) indicated that fuel prices are more likely to remain stable than record a significant reduction in the next pricing window, despite recent declines in global fuel prices. Duncan Amoah, Executive Secretary of COPEC, stated on Asempa FM's Ekosii Sen that while international crude oil prices have fallen, uncertainty in the global market means it is too early to expect an immediate drop at the pumps. He explained that geopolitical tensions and ongoing conflicts affecting global oil supplies make the market highly volatile. Mr. Amoah said, "Yesterday and today the global market pricing window has been stable. At some point there were some losses. You can never be too sure at this point because of the war. It is very fluid."

Mr. Amoah noted that current market trends point more towards price stability than a substantial reduction. He added, "We are more likely to get stability at this point than a sharp reduction. It is possible prices will go down, but that cannot be immediate because the situation is still fluid." He also revealed that he has engaged government officials on the possibility of reintroducing temporary interventions that previously reduced fuel prices by about GH¢2 per litre for diesel and GH¢1.50 per litre for petrol.