Ghanaians are expected to enjoy a marginal reduction at the pumps as fuel prices are likely to go down from January 17, 2024.
According to the reports, diesel and Liquefied Petroleum Gas (LPG) prices are set to decrease, marking the second consecutive drop in January.
Chamber of Petroleum Consumers (COPEC) made this announcement which is expected to take effect on Wednesday, January 17, 2024.
COPEC asserts that, the exact price adjustment are yet to be agreed on but anticipates a decline for both diesel and LPG due to a global drop in finished product prices. This positive trend comes despite a slight depreciation of the Ghanaian cedi in recent weeks.
However, prices of petrol are expected to remain unchanged or see a marginal upward adjustment of about 1%.
“Diesel prices dipped by roughly 2.8% per metric ton on the global market, while petrol experienced a slight increase of 3.6%. The cedi has remained relatively stable overall, although we’ve seen a 0.47-point dip in exchange rates,” Amoah said.
He added, “Overall, what our expectation is that prices of petrol are likely to remain stable with a 1 percent upward adjustment.
“Diesel is likely to see some reduction while LGP is also likely to see some reduction effective Wednesday which is the second window for January.”
Fuel Prices have remained stable for the past 5 months which is expected to remain through the month of January.
The trend is a stack contrast from what Ghanaians experienced in 2022 and 2023.
As Ghana heads to the polls in December 2024, the continuous reduction in the prices could be a good omen for the economy.
