Cooperate affairs manager for the Chamber of Petroleum Consumers(COPEC) Mr.Sampson Addae, has stated that petrol and gas could be reduced by 2-3 per cent by close of today 18th January 2024 in an interview with CJ on Denkyiraman Radio’s National Agenda. He said Diesel on the other hand may increase by 1 percent or be maintained in the old price.
This effect is because world prices has been reduced and the rate of dollar depreciation.
However, the world market price of Diesel couldn’t decrease thus the increase or maintained price.
Meanwhile, research has it that from now till March 2024, there could be more positive development in the world prices of petrol and gas but may increase again after march.
This means the government must put things in place while it last to avoid drastic increases in the future. In response to the sudden decreases of prices now, Mr. Samuel Addae explains that during Winter breaks abroad, lots of people spend their holidays indoors making the demand for fuel less as vehicles are barely used.
Unlike summer times where almost everyone decides to travel and spend time outside which means the demand for fuel becomes higher. Also supply from the oil production countries becomes high when demand is low.
He further explained that Oil production countries have decided to cut down supplies brought to the market from March 2024.
“ There’s a deregulated market, that means everyone can either increase or decrease prices in their fuel establishments based on profit given to them.
Therefore vendors who care much about their customers can decide to help them based on the profit margins” Mr. Sampson Addae educates.
