The Chamber of Petroleum Consumers (COPEC) has predicted that fuel prices are likely to see a decline in the first pricing window of March 2023.
According to COPEC, prices of both petrol and diesel have all declined marginally within the period while crude price has also minimally dropped from $82.99/barrel to $82.48/barrel (-0.61 per cent).
With the international price decreasing from $878.41/MT to $849.25/MT (-3.32 per cent), the retail price works up to GHS13.66/L.
“Petrol Retail prices are therefore expected to drop by 3.73 per cent from the current Mean value of GHS14.20/L. With the International price decreasing from $854.00/MT to $809.38/MT (-5.22 per cent), and the increase in the Dollar rate, the expected mean retail price for the next window shall be GHS13.98/L,” COPEC said in a statement,
Thus, Diesel prices are therefore expected to drop by 4.04 per cent from the current mean value of GHS14.57/L.
The Mean price of Petrol and Diesel shall be 13.82/L.
LPG
It further noted that with the international price increasing from $699.45/MT to $702.50/MT (4.94%) the projected retail price of LPG is expected to increase by about 4.36 per cent from the current average of 13.86/kg to GHS14.46/kg.
“These expected drops in prices for the second time running since the second pricing window of February 2023 do not have any correlation with the much-touted Gold for Oil programme as these movements are simply a derivative of market forces at play within the period, we still await the reductions the two cargoes brought in this month will add to the relieving the suffering of the petroleum consumer,” COPEC said.
The current high retail prices of LPG have contributed to consumption generally dropping by 12 per cent year on year in 2022,
“It will be prudent if authorities did take a second look at the factors contributing to the high prices of a commodity which Ghana has in enormous commercial quantities to ensure price stability or decline if the government’s 50 per cent penetration target is to be ever achieved and to continuously promote its usage with the overall environmental promotion in mind,” it added.
By Jamila Akweley Okertchiri