Duncan Amoah, the Executive Director of the Chamber of Petroleum Consumers (COPEC), has called for a further reduction in the prices of petroleum products on the Ghanaian market.
Based on COPEC’s projections, the price of petroleum products is anticipated to drop significantly at the pumps, effective November 1, 2025.
Petrol is expected to decline by up to 5.21% per litre, lowering the pump price to approximately GH¢12.92 from the current GH¢13.93 quoted by some Oil Marketing Companies (OMCs).
Diesel is projected to fall between 6.03% and 8.13%, resulting in a litre being sold at approximately GH¢13.10, down from GH¢14.56.
Meanwhile, Liquefied Petroleum Gas (LPG) is expected to decrease by up to 6.66%, bringing the price per kilogram to about GH¢13.60.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, Mr. Amoah primarily attributed the expected price reduction to the stability of the Ghana Cedi and a decline in the international benchmark price of crude oil.
Mr. Amoah elaborated on the contributing factors: “Mainly the stability of the Cedi can be credited for the expected drop in prices, alongside the international benchmark decline. While the drop in the international benchmark was not significantly substantial, the combination of the Cedi’s stability and the international benchmark decrease means that the Oil Marketing Companies ought to reduce the price of petrol.”
When questioned about the potential for further price drops towards Christmas, Mr. Amoah cautioned that this hinges on several contingent factors.
He specifically cited the government’s commitment to sustaining economic gains, the contents of the Finance Minister’s forthcoming budget presentation to Parliament, and the role of the Bank of Ghana in ensuring the continued stability of the Cedi.
He added that sustained stability would naturally lead to market players aligning their prices downward, allowing Ghanaians to “enjoy Christmas,” but warned against complacency, which could quickly erode these current gains.
By: Rainbowradioonline.com/Ghana
