Petrol prices set for possible November cut as crude oil drops sharply
Motorists in Ghana could see lower petrol prices from November 16 as a recent decline in international crude oil prices raises expectations of relief at the pumps, the Chamber of Petroleum Consumers (COPEC) has said.
Petrol prices in Ghana may be reduced from November 16 following a significant drop in international crude oil prices, according to the Chamber of Petroleum Consumers (COPEC). COPEC Executive Secretary Duncan Amoah announced that crude oil prices have plummeted by over 12 to 14 percent within a 48-hour period, potentially leading to a decrease in fuel prices.
However, he clarified that consumers will not immediately see relief at the pumps as it typically takes six to seven days for refined petroleum product prices to adjust to changes in the global crude market. The next fuel pricing window is scheduled for November 16, with the National Petroleum Authority using average free-on-board prices from October 27 to November 11 to determine the applicable prices.
If the downward trend on the international market continues and the price reductions in crude oil are reflected in refined products within the assessment period, petrol prices could potentially decline in the latter half of November. Amoah stated that if all conditions remain consistent, similar to the ongoing price drops following the mid-term elections in the United States, the cost of petrol could see a reduction during the second window of November.
The timing of the adjustment in refined product prices will determine whether consumers experience the benefits of the November review or need to wait until December.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
