The Chamber of Petroleum Consumers Ghana (COPEC) has projected a modest decline in petrol prices during the first pricing window of February, while diesel prices are expected to remain largely unchanged. The projection reflects ongoing fluctuations in international petroleum markets, which continue to influence domestic fuel pricing.
Speaking to Citi News, COPEC Executive Secretary Duncan Amoah explained that petrol prices may experience only a nominal adjustment, despite recent increases in diesel costs internationally. “Prices are likely to remain stable for this window. Petrol has stayed stable, while diesel has gone up quite significantly — about five per cent. However, the local market, based on data from some BDCs, shows that prices have actually decreased slightly week on week. So, you are likely to see only a marginal adjustment in petrol, with diesel maintained at current levels,” he said.
Global Market Dynamics and Local Implications
Amoah noted that Ghana’s fuel prices are heavily influenced by global petroleum product movements, particularly crude oil supply and demand conditions, geopolitical tensions, and foreign exchange fluctuations. He pointed to potential risks in international markets, including escalating conflicts or instability, which could quickly translate into higher import costs and upward pressure on local fuel prices.
“If geopolitical tensions escalate, crude could jump from $80 to the $100 range in a short period. The situation in Venezuela could have led to price spikes, but global oversupply prevented a bullish outcome. Authorities must continue to monitor these developments closely to ensure domestic pricing stability,” he added.
The COPEC official also highlighted the importance of keeping abreast of developments in other major oil-producing regions, such as the Middle East and North America, which significantly impact both international crude and refined product prices. Currency volatility, particularly in the Ghana cedi against the U.S. dollar, was also cited as a key factor that can amplify price movements at the pumps.
Consumer Outlook
For Ghanaian motorists, the forecasted marginal drop in petrol prices may provide some temporary relief, especially for low- and middle-income households that rely heavily on personal vehicles and commercial transportation. However, COPEC cautioned that any sharp changes in global oil markets could reverse the trend rapidly, underscoring the volatility inherent in fuel pricing.
Diesel, which is widely used for commercial transportation and industrial activities, is expected to maintain its current rates for the foreseeable short term. Analysts warn that while stability in diesel prices helps keep logistics and transport costs predictable, any sudden international price surge could have ripple effects on the broader economy, particularly in the cost of goods and services.
Government Monitoring and Regulatory Oversight
COPEC urged relevant authorities to remain vigilant and maintain regular monitoring of both local and international fuel markets. Effective oversight can help anticipate price shocks and guide timely policy interventions, such as strategic fuel reserves or temporary price adjustments, to protect consumers from sudden increases.
The February pricing window will be closely watched by both motorists and commercial transport operators, as it sets the tone for fuel expenditure in the early months of the year. Despite the expected marginal drop, stakeholders emphasize that broader economic factors — including exchange rates, geopolitical risks, and global demand patterns — will continue to dictate trends in fuel pricing throughout 2026.
Source: Africa Publicity
