Fuel prices are likely to remain stable for the first pricing window of October 2023, the Chamber of Petroleum Consumers (COPEC) has said.
This means that consumers can expect fuel prices to remain unchanged for the first two weeks of the month.
While COPEC anticipates a possible one per cent increase in pump prices due to international market price variations, it suggests that oil marketing companies will absorb this cost without passing it on to consumers.
The Executive Secretary of COPEC, Duncan Amoah, explained that this price stability can be attributed to the stable exchange rate of the cedi and the steady oil price on the international market.
“There have been some price variations as far as the international market pricing is concerned, and again, there has been some relative stability with the local currency over the last two-week period.
“The pump price could have reflected some 1% upward adjustment, but having spoken to a good number of oil marketing companies, we are confident that prices will remain at the current level,” he stated.
He, however, added that it is unlikely there will be a reduction as well.