The Chamber of Petroleum Consumers Ghana (COPEC) has projected a slight reduction in petrol prices during the first pricing window of February, citing recent trends in international petroleum markets.

The projection follows movements in global refined fuel prices, which continue to influence local pump prices.

Speaking to Citi News, Executive Secretary of COPEC, Duncan Amoah, indicated that while petrol prices could see a marginal adjustment downward, diesel prices are expected to remain largely unchanged.

“Prices are likely to be fairly stable in this pricing window. Although petrol prices have generally remained steady, diesel prices on the international market have increased by about five per cent,” he explained.

However, Mr Amoah noted that the local market is unlikely to reflect the international increase in diesel prices, as data from some Bulk Distribution Companies (BDCs) show a week-on-week decline in their pricing.

“As a result, consumers may see a nominal reduction in petrol prices, while diesel is likely to be maintained at its current levels at the pumps,” he said.

Mr Amoah also urged authorities and market players to keep a close watch on global geopolitical developments, warning that any escalation could quickly raise crude oil prices and increase fuel import costs.

“If tensions escalate, crude prices could jump from around $80 to even $100 per barrel in a very short time. The situation in Venezuela could have caused such a spike, but the current global oversupply has prevented a bullish turn so far,” he noted.

He cautioned that sustained geopolitical shocks could reverse the current outlook and place upward pressure on domestic fuel prices in the coming weeks.