For the month of October, petroleum prices are most likely to stay the same.
The Chamber of Petroleum Consumers (COPEC) predicts that gas prices may rise by 1%, but oil marketing corporations won’t pass the cost on to customers because of competition.
The cedi’s stability and the oil market’s consistency, according to COPEC’s executive secretary Duncan Amoah, are largely responsible for the price stability.
“There have been some price variations as far as the international market pricing is concerned and again, there has been some relative stability with the local currency over the last two weeks period.”
“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.”