Fuel Relief: Diesel Prices Set to Drop by 8% – COPEC

The Chamber of Petroleum Consumers (COPEC) has announced a substantial reduction in fuel prices, effective today, May 16.

According to Paul Eric Ofori, Head of Research at COPEC, diesel prices are expected to plummet by 8.3% to 8.5%, marking one of the most significant single-window reductions in recent months.

“Cumulatively, we have witnessed about a 25 to 26% reduction since the second window of February,” Ofori stated. “And all the way consistently, we have witnessed a drop in prices.” The new adjustments will not only affect diesel but also extend to other petroleum products, with petrol projected to decrease by around 4% and Liquefied Petroleum Gas (LPG) expected to record a 10% reduction.

“In a nutshell, we are looking at diesel dropping about 1GHS at least,” Ofori emphasized, highlighting the potential relief this will bring to consumers who have been grappling with high fuel prices in recent months.

However, Ofori expressed concerns over the slow pace at which Oil Marketing Companies (OMCs) implement price reductions.

“We want to appeal to the OMCs. Just as they respond to increments here and there, when there is a decrease, why does it take so long for them to respond?” he queried.

Ofori further called on the Association of Oil Marketing Companies to ensure its members align promptly with the downward adjustments.

“I want to appeal to the OMCs, especially the association itself, to bring their members in line and in check to reduce their prices at the pump,” he urged.

This development is expected to bring much-needed relief to consumers and businesses alike, and it remains to be seen how quickly OMCs will respond to the price reductions.