Ghana’s fuel price outlook for February points to stability with minor adjustments, as the Chamber of Petroleum Consumers Ghana (COPEC) projects a marginal reduction in petrol prices and steady diesel costs.
The projection comes amid contrasting developments on the global oil market and cost dynamics within the local petroleum supply chain. While international diesel prices have risen in recent weeks, COPEC says lower local inventory costs have absorbed the pressure, preventing any increase in diesel prices at the pumps.
Executive Secretary of COPEC, Duncan Amoah, explained that data from Bulk Distribution Companies (BDCs) show declining cost trends locally, even as global diesel prices climb by about five per cent.
He noted that this has created room for a modest adjustment in petrol prices, while diesel is expected to remain unchanged throughout the pricing window.
“Based on the figures we are seeing, consumers may benefit from a small reduction in petrol prices. Diesel, however, is likely to stay at its current level because local cost indicators have dropped week on week,” Mr. Amoah said in an interview with Citi News in Accra.
Despite the anticipated stability, COPEC cautioned that the outlook could shift if there are sudden changes in global crude oil supply and pricing. Mr. Amoah pointed to geopolitical developments, including tensions involving major oil-producing countries, as potential triggers for price volatility.
He explained that crude oil prices could rise sharply if global supply conditions tighten, noting that recent oversupply on the international market has so far prevented significant price spikes.
COPEC therefore advised motorists and industry players to remain alert, stressing that while February may begin with relative price stability, external shocks could quickly alter the fuel pricing landscape.
