Diesel prices expected to drop by about 8% – COPEC

The Chamber of Petroleum Consumers (COPEC) has announced a significant reduction in fuel prices, particularly diesel, starting today, Friday, May 16. This comes as part of a consistent decline observed in petroleum product prices over recent pricing windows.

Speaking on Channel One TV’s Breakfast Daily, the Head of Research at COPEC, Paul Eric Ofori, disclosed that diesel prices are expected to drop by 8.3% to 8.5%, marking one of the most substantial single-window reductions in recent months.

“Cumulatively, we have witnessed about a 25 to 26% reduction since the second window of February. And all the way consistently, we have witnessed a drop in prices,” he stated.

According to him, the new adjustments will not only affect diesel but also extend to other petroleum products. Petrol is projected to decrease by around 4%, while Liquefied Petroleum Gas (LPG) is expected to record a 10% reduction.

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

Despite the good news, Ofori raised concerns over the slow pace at which Oil Marketing Companies (OMCs) implement price reductions. He questioned the delay in reflecting decreases at the pumps, especially when OMCs are usually quick to adjust prices upwards in times of increase.

“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.

He 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.