COPEC predicts fuel price drop, LPG rise

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Fuel prices are set to drop by an average of four per cent per litre from Wednesday, March 1, 2023, the Chamber of Petroleum Consumers (COPEC) has projected.

The retail price of Liquefied Petroleum Gas (LPG) on the other hand is expected to increase by about 4.36 per cent from the current average of GHS 13.86 per kilogram to GHS14.46/kg. 

In a statement issued by Mr Dumcan Amoah, Executive Secretary, COPEC, the Chamber attributed the expected reduction in fuel prices to a drop in crude prices on the international market. 

Currently, petrol and diesel are trading at an average of GHS14.5 per litre at the pumps. 

“With the international price decreasing from $854.00 per metric tonne 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 per litre. 

“Thus, Diesel prices are, therefore, expected to drop by 4.04 per cent from the current Mean value of GHS14.57 per litre,” the Chamber said. 

On the expected rise in LPG prices, COPEC attributed the situation to an increment in LPG price on the international market, which increased from $699.45/mt to $702.50/mt, representing a 4.94 per cent rise from the last window.  

The Chamber indicated that the expected drop in fuel prices would not be influenced by the Government’s Gold for Oil Programme. 

“…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 relieving the suffering of the petroleum consumer,” it said. 

Meanwhile, the National Petroleum Authority (NPA) has indicated that it expected Oil Marketing Companies (OMCs) that would purchase petroleum products under the Gold for Oil Programme to reduce their prices marginally to reflect the objective of the programme. 

“The discharge is complete and the products are now about to go to the market. Definitely, it is expected that because the prices are a bit competitive compared to the other sources of import, it would lead to some minimal reduction,” Mr Abass Ibrahim Tasunti, Head of Economic Regulation, NPA, told the GNA on Monday. 

Source: GNA

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