COPEC Projects Slight Reduction in Fuel Prices for November
COPEC Projects Slight Reduction in Fuel Prices for November
- COPEC has forecast a modest decline in fuel prices
- COPEC predicts that the price of petrol will decrease by 5.06%
- The anticipated price reductions come as a welcome relief to consumers
The Chamber of Petroleum Consumers (COPEC) has forecast a modest decline in fuel prices as the second pricing window for November begins on Saturday, November 16.
COPEC predicts that the price of petrol will decrease by 5.06%, dropping from the current average pump price of GHȼ14.30 per litre to a range of GHȼ12.90 to GHȼ14.26 per litre.
In a similar vein, diesel prices are expected to fall by 3.88%, with prices sliding from the current average of GHȼ15.16 per litre to between GHȼ13.85 and GHȼ15.31 per litre.
The anticipated price reductions come as a welcome relief to consumers, especially after recent months saw significant hikes in the cost of refined petroleum products.
For example, state-owned oil company GOIL raised the price of diesel from GHȼ14.90 per litre in the second pricing window of October to GHȼ15.45 per litre in the first window of November.
COPEC attributes these expected price changes to fluctuations in global oil prices and adjustments in exchange rates, which have influenced the cost of fuel in the local market. The slight price reduction offers some respite to consumers who have felt the strain of recent price increases.
