“Best measure of economy is at the pumps” – COPEC on fuel price drop

The Chamber of Petroleum Consumers (COPEC) has welcomed the latest round of fuel price reductions by Oil Marketing Companies (OMCs), describing it as a positive reflection of improving macroeconomic conditions.

In the first pricing window of November, market leader Star Oil reduced petrol prices to GH¢11.97 per litre and diesel to GH¢12.47, marking one of the most significant cuts in recent months.

Executive Secretary of COPEC, Duncan Amoah, in an interview with Citi Business News, said the falling prices indicate that government’s recent policy measures and the Bank of Ghana’s interventions in the forex market are beginning to yield results.

“The best measure of your economy; check the pumps and see how much fuel is selling for. If prices are coming down simply because of sound economic management, then it means the handlers of the economy are getting it right. They shouldn’t go to sleep, though. If the numbers reverse, we will come very hard at them,” he cautioned.

Meanwhile, the Centre for Environmental Management and Sustainable Energy (CEMSE) projects that domestic fuel prices could decline further in the coming pricing windows, supported by favourable global petroleum trends and a stronger cedi.

Executive Director of CEMSE, Benjamin Nsiah, said Ghana’s improving macroeconomic indicators including stabilising inflation and reduced exchange rate pressures provide room for continued price relief, particularly ahead of the festive season.

“From our analysis, petroleum product prices are unlikely to surge by December. In fact, the declining international benchmark prices and stronger cedi suggest we may see further reductions at the pumps,”
Mr. Nsiah told Citi Business News.

With global crude prices softening and the cedi showing signs of resilience, consumers are expected to enjoy some respite at the pumps — a development analysts say could ease inflationary pressures and support broader economic recovery.