Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has warned that fuel prices in Ghana could rise in the coming days, even as global oil prices have experienced significant declines.
Speaking in an interview on April 8, Mr Amoah said that in-house calculations conducted yesterday indicated that petrol prices could increase by approximately 10%, while diesel prices might rise between 13% and 17%.
“Fortunately, there’s a ceasefire now, and the global response has been strong,”Mr Amoah explained. “This has benefited us. International oil prices have dropped, with WTI crude seeing as much as a 17% reduction and Brent crude down about 13%.”
Despite these global improvements, Mr Amoah cautioned that domestic pricing challenges persist. “Plant prices are still above GHS1,000.
That means if we were to set pricing today, prices could still be slightly higher,” he said.
He further explained that in the coming days, the prices of new products may increase slightly, depending on the second pricing window.
“There’s a chance we could see some reduction or better funding opportunities,”Mr Amoah noted, “but overall, the flat prices remain high, and this will affect what consumers pay at the pumps.”
Mr Amoah also highlighted those previous reductions in fuel prices, achieved before the first pricing window in April, were influenced by declining plant prices.
“If plant prices were to decline again tomorrow, it would mean potential reductions for the next acquisition,” he added.
However, he emphasised that, despite positive trends internationally, local consumers may not immediately feel the full impact. “The reality is that while global prices have fallen, domestic prices remain elevated.
Any adjustment in the coming days will depend on the movement of plant prices and the outcomes of the second pricing window,” he explained.
While international oil markets are showing relief, Ghanaian motorists may still face higher prices at the pump in the short term, making it a delicate balancing act between global market trends and domestic cost pressures he concluded.
