Petrol prices expected to remain stable in October

The price of petroleum products in Ghana is set to remain unchanged for the month of October, thanks to relative stability in both international oil prices and the local currency, the Cedi.

While there could have been a slight 1% upward adjustment at the pump, this increase is expected to be absorbed by Oil Marketing Companies (OMCs) due to fierce competition in the market.

This announcement comes from the Chamber of Petroleum Consumers (COPEC), which has projected that despite fluctuations in international oil prices, consumers are unlikely to see a price hike at the pumps this October.

Duncan Amoah, the Executive Secretary of COPEC, explained that there have been some variations in international oil prices, but the relative stability of the local currency over the past two weeks has contributed to the overall stability of petrol prices in Ghana.

Amoah stated, “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, and 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.

The stability of petrol prices will come as a relief to many Ghanaians amid ongoing economic uncertainties. It also highlights the role that competition among OMCs plays in keeping prices affordable for consumers.

This announcement marks another month where Ghanaians can anticipate price consistency at the pumps, providing some financial respite in a time of global economic fluctuations.

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