The Chamber of Petroleum Consumers Ghana (COPEC) is predicting a 3 to 5 percent drop in fuel prices at local pumps starting this Saturday, November 16.
This welcome relief comes despite the current petrol shortage affecting some outlets nationwide.
According to Executive Secretary at COPEC, Duncan Amoah, the supply of petrol is expected to improve within the next 48 hours, easing the pressure at the pumps. ''The only challenge has to do with the financing bit, where some of the traders are clearly demanding that whatever debt owed them be paid and then again there is 'backwardation' where prices are rolling back and so if you lock prices in at this time, as a trader you are likely to take a hit because prices continue to decline across the world.
That makes trading quite difficult.