According to projections from the Chamber of Petroleum Consumers (COPEC), there could be a one percent increase in the pumps, but oil marketing companies will not pass on the cost to consumers due to competition.

The Executive Secretary of COPEC, Duncan Amoah, attributed the price stability to the stability of the cedi and the stable price of oil 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 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.”