The Chamber of Petroleum Consumers (COPEC) has indicated that fuel prices are more likely to remain stable than record a significant reduction in the next pricing window, despite recent declines in global fuel prices.

Executive Secretary of COPEC, Duncan Amoah, said while international crude oil prices have fallen in recent days, uncertainty in the global market means it is too early to expect an immediate drop at the pumps.

Speaking on Asempa FM’s Ekosii Sen, Mr Amoah explained that geopolitical tensions, particularly ongoing conflicts affecting global oil supplies, continue to make the market highly volatile.

“Yesterday and today the global market pricing window has been stable. At some point there were some losses. You can never be too sure at this point because of the war. It is very fluid,” he said.

According to him, the exchange of attacks and disruptions to supply chains could quickly reverse any gains recorded in the international market.

“If they continue exchanging drones and supplies are not moving, you could wake up and see the price of finished petroleum products increase again. It could also decline. We can only wait and see by the close of the week,” he added.

Mr Amoah noted that current market trends point more towards price stability than a substantial reduction.

“We are more likely to get stability at this point than a sharp reduction. It is possible prices will go down, but that cannot be immediate because the situation is still fluid,” he stated.

He also revealed that he has engaged government officials on the possibility of reintroducing temporary interventions that previously reduced fuel prices by about GH¢2 per litre for diesel and GH¢1.50 per litre for petrol.

According to him, such a measure could help ease pressure on transport operators and prevent an increase in transport fares.

“I have initiated conversations with some government officials on whether they can consider bringing back the intervention where about GH¢2 was taken off diesel and GH¢1.50 off petrol. That could help hold transport unions from increasing fares,” he said.

Mr Amoah further explained that although crude oil prices have fallen by about eight per cent, many Oil Marketing Companies (OMCs) had already placed orders before the decline and are therefore unlikely to immediately pass on lower prices to consumers.

“Many of the OMCs would have locked in their orders already, so a sharp reduction is not likely. We urge drivers to be patient. Prices may eventually get to the level they are expecting, but they may be disappointed if they expect an overwhelming reduction by the end of the week,” he said.

His comments come after road transport operators suspended a planned 30 per cent increase in transport fares while awaiting the outcome of the next fuel pricing window expected on Friday.

The operators had announced plans to increase fares due to rising fuel prices but temporarily shelved the decision following an appeal by the government, which says it is implementing measures to reduce the cost of petroleum products.

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