Petroleum product prices are expected to stay steady in October.
According to forecasts from the Chamber of Petroleum Consumers (COPEC), there might be a 1% rise at the pumps, but owing to competition, oil marketing businesses will not pass on the cost to customers.
Duncan Amoah, Executive Secretary of COPEC, ascribed the price stability to the cedi’s stability and the worldwide price of oil.
“There have been some price swings in terms of worldwide market pricing, as well as some relative stability with the local currency over the previous two weeks.”
“The pump price could have reflected some 1% upward adjustment but having spoken to a good number of oil marketing companies, we are confident that prices will remain at the current level so it is not likely you will get an increase, it is unlikely there will be a reduction, the OMCs are likely to maintain pump prices at the level that they currently sell for the first pricing window in the month of October.”
