The Chamber of Petroleum Consumers (COPEC) has projected a marginal reduction in petrol prices in February, offering slight relief to consumers after months of price volatility.
According to COPEC, the anticipated decline is driven by relatively stable global crude oil prices and minor adjustments in petroleum product pricing on the international market. The chamber noted that while the reduction is expected to be modest, it signals a positive shift for motorists and businesses that rely heavily on fuel.
Prices are likely to remain stable for this window, although petrol has stayed stable, diesel has gone up quite significantly, about five per cent. Unfortunately, the local market, as I indicated, will not respond with the increase because the numbers I have picked from some of the BDCs indicate that they have gone down rather week on week.
COPEC, however, cautioned that the extent of the price drop will largely depend on prevailing market conditions, including exchange rate movements, shipping costs, and government-imposed levies. Any sudden changes in these factors could limit the impact of the projected decrease.
The chamber also urged fuel consumers to temper expectations, stressing that the forecast does not suggest a significant price cut but rather a slight easing at the pumps. It further encouraged regulators and industry players to continue measures aimed at stabilising fuel prices and protecting consumers from sharp fluctuations.
Fuel prices remain a critical issue for households and the wider economy, as changes at the pump often have a direct effect on transportation costs and the prices of goods and services.
COPEC says it will continue to monitor developments in the global and local petroleum markets and provide regular updates to consumers.
