The Chamber of Petroleum Consumers (COPEC) has announced a major drop in fuel prices, especially diesel, starting today, Friday, May 16. This reduction is part of a continuing trend of declining petroleum product prices observed in recent pricing cycles.
Paul Eric Ofori, COPEC’s Head of Research, revealed during an interview that diesel prices are expected to fall by approximately 8.3% to 8.5%—one of the sharpest declines seen in a single pricing window in recent months.
“Overall, we’ve seen a total decrease of about 25 to 26% since the second pricing window in February. Prices have steadily gone down,” he noted.
The price adjustment isn’t limited to diesel. Petrol is anticipated to drop by around 4%, while Liquefied Petroleum Gas (LPG) could see a reduction of roughly 10%.
“In essence, diesel prices are expected to fall by at least GHS1,” Ofori said, pointing to the relief this will bring to consumers burdened by high fuel costs.
However, he expressed concern over the sluggish response from Oil Marketing Companies (OMCs) in reflecting price drops at the pumps. Ofori questioned why reductions are not implemented as swiftly as price increases.
“We’re urging the OMCs—if they can adjust prices quickly when they go up, why can’t they do the same when they go down?” he asked.
He also called on the Association of Oil Marketing Companies to ensure their members promptly comply with the new pricing adjustments.
“I’m appealing to the association to ensure their members implement these price cuts without delay,” he stressed.
