The prices of petroleum products are expected to stay steady throughout the month of October. Projections from the Chamber of Petroleum Consumers (COPEC) indicate a possible one percent increase at the pumps.

However, oil marketing companies are unlikely to pass this cost on to consumers, primarily due to the competitive nature of the market.

The Executive Secretary of COPEC, Duncan Amoah, credited this price stability to the consistent performance of the cedi and the steady global oil prices.

“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.”