The Chamber of Petroleum Consumers (COPEC) has announced an anticipated slight reduction in fuel prices as the second pricing window of November opens on Saturday, November 16.
According to COPEC, petrol prices are expected to fall by 5.06%, bringing the current average pump price down from GH₵14.30 per litre to a range between GH₵12.90 and GH₵14.26 per litre.
Diesel prices are also projected to decrease by 3.88%, lowering from the average of GH₵15.16 per litre to a range of GH₵13.85 to GH₵15.31 per litre.
This expected relief comes after a series of significant price hikes in recent months. For instance, state-owned GOIL raised the price of diesel from GH₵14.90 per litre in October’s second pricing window to GH₵15.45 per litre in the first pricing window of November.
COPEC attributes the projected reductions to changes in global oil prices and exchange rate fluctuations, offering a measure of relief to consumers who have faced escalating costs at the pump.
