Accra -Friday 16th May 2025
The Chamber of Petroleum Consumers (COPEC) has called on Oil Marketing Companies (OMCs) to exhibit the same urgency in reducing fuel prices as they do during price increments.
Head of Research at COPEC, Paul Eric Ofori, expressed concern over the persistent delays by OMCs in adjusting pump prices when fuel costs drop during an engagement with the media in Accra Friday May 16th
“We are appealing to the OMCs—just as they are quick to respond to price hikes, they should be equally responsive when prices fall,” Mr. Ofori stated. “We are urging the association to ensure that its members comply and reflect the reductions at the pump.”
His remarks follow COPEC’s projections of a significant drop in fuel prices beginning today, with diesel expected to fall by more than 8 percent.
“Since the second pricing window in February, we have recorded a cumulative drop of about 25 to 26 percent. From today, we anticipate a notable reduction, particularly in diesel prices, which we project will decrease by approximately 8.3 to 8.5 percent,” he revealed.
According to COPEC, petrol prices are also expected to fall by about 4 percent, while Liquefied Petroleum Gas (LPG) could witness a decline of up to 10 percent.
“In essence, diesel should drop by at least GHS 1 per litre,” Mr. Ofori added, emphasizing the need for consumers to feel the impact of these reductions promptly.
He further noted that the continuous decline in prices should be reflected at the retail level without unnecessary delay, insisting that the urgency shown during periods of fuel price increases must also be applied during downward adjustments.
