For the month of October, price of petroleum products on the local market will remain unchanged.
Although there could be a 1 per cent increase at the pump however, Oil Marketing Companies (OMCs), due to competition, will not pass on the cost to consumers, according to projections by the Chamber of Petroleum Consumers (COPEC).
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The price stability of petroleum products in the country, is due to the stable price of oil on the international market and the stability of the Cedi, noted Executive Secretary of COPEC, Duncan Amoah.
“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 weeks 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 so it is not likely you will get an increase, it is unlikely there will be a reduction, the OMCs are likely to maintain pump prices at the level that they currently sell for the first pricing window in the month of October,” COPEC indicated.
Source: classfmonline.com