The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has given assurances to transport operators and ride-hailing companies that fare reductions can be implemented without the immediate threat of fuel prices rising again.

COPEC has been advocating for commercial transport providers, including platforms such as Bolt, Uber and Yango, to revise their charges following recent cuts in ex-pump fuel prices.

Speaking on Channel One Newsroom on Tuesday, January 6, Mr Amoah responded to worries about whether lower fares could be sustained if fuel prices fluctuate. He explained that prevailing market conditions create a favourable period for operators to transfer the benefits of cheaper fuel to passengers.

He noted that global market indicators remain encouraging, despite earlier concerns that developments in Venezuela could push international fuel prices upward. According to him, such fears have not materialised, as the market is currently experiencing excess supply.

Mr Amoah revealed that fuel storage facilities in Ghana are nearly at capacity, adding that an importer recently complained about the difficulty in securing tank space due to the abundance of supply worldwide.

He stressed that the current surplus in fuel supply provides operators with the confidence to reduce fares without the risk of abrupt price increases, allowing commuters to enjoy the relief created by the recent drop in pump prices.