• About
  • Advertise
  • Privacy Policy
  • Contact
Sunday, July 13, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

COPEC Predicts 2% Increase In Petrol Price From April 16

April 14, 2023
Stephen M.Cby Stephen M.C
in General News
0
There is a likelihood that Oil Marketing Companies will increase their prices- IES

Fuel Pump

The Chamber of Petroleum Consumer (COPEC) has predicted a 2.01% increase in the price of petrol at the retail pumps from April 16, 2023.

According to COPEC, its forecast is based on the increase in international benchmark pricing from $772.75 per metric tonne to $900.20 per metric tonne. This, it indicated, resulted in a 16.49% rise, as the retail price works up to GHS12.41 per liter.

Contained in a statement, COPEC explained that by this, petrol is expected to be sold between GHC11.79 liter and GHC13.03 per liter.

RelatedPosts

Government Launches Accountability Series to Deepen Transparency

Ayawaso Lessons Resurface Amid Fresh Concerns Over Political Violence

Aboagye Faults Anti-Vigilante Law Post Ablekuma North Rerun Violence

“Price of petrol at the retail pumps are therefore expected to increase by an average of 2.01% from the current mean value of ¢12.16 per liter”.

Chamber of Petroleum Consumer

Touching on diesel prices, COPEC stated that it unexpectedly dropped by -5.58%. It further explained that this will be a decrease in prices from the current value of GHC12.71 per liter to between ghc11.40 and ghc12.60 per liter.

Liquefied Petroleum Gas (LPG) witnesses increment

Furthermore, COPEC pointed out that the international price of LPG has slightly increased from $530.10 per metric tonne to $535.45 per metric tonne, representing 1.01%.

“Taking into cognizance a decline in the forex rate for the period, the projected retail price of LPG will be expected to decrease by about -4.74% from the current industry retail average of 12.04 per kilogram  to GHS11.47 per kilogram due to the drop in the dollar rate”.

Chamber of Petroleum Consumer

Following the increase of LPG, COPEC noted that it is expected to be sold between ¢10.90 per kilogram and ¢12.04 per kilogram.

“Knowing that, LPG consumption generally dropped by 12% in 2022, we entreat the Government to consider easing on the numerous taxes on LPG or to even consider a subsidy programme on the price of LPG with the view to promoting and increasing its usage and to eventually help save the environment”.

Chamber of Petroleum Consumer

Justifying its rationale for prediction, COPEC elaborated that crude pricing has seen increase from the previous mean price of $74.73 per barrel to $81.69 per barrel representing 9.31%. The forex market, it stated, has also recorded a decline in depreciation from an earlier average of ¢12.5867 to ¢11.5450 (-8.28%) per $1.

Additionally, it revealed that this is in addition to the Chamber of Bulk Oil Distributors’ industry average rates of about $1 to GHC12.50.

Last month, it will be recalled that COPEC predicted that fuel prices at the pumps will see a decline. It stated that the prices of both petrol and diesel declined marginally within the period with Crude oil dropping from $82.99/barrel to $82.48/barrel.

COPEC highlighted that this followed the basic assumptions that prices of both petrol and diesel all declined marginally within the period whiles Crude price also minimally dropped from $82.99/barrel to $82.48/barrel (-0.61%). It further noted that for petrol, the international price decreased from $878.41/MT to $849.25/MT (-3.32%), with the retail price works up to GHS13.66/L

Prior to that, the Vice President of the Liquefied Petroleum Gas (LPG) Marketers Association of Ghana, Gabriel Kumi, lamented that the consumption of the commodity in the country declined by 12% in 2022. The decline, he underscored, was due to the persistent increase in prices of the commodity.

He posited that the 50% target set by cabinet for the consumption of LPG has been unattainable due to the consistent increase in prices of the commodity.

Mr Kumi mentioned that the decline in the consumption rate should be a major source of concern for the government. Additionally, he revealed that the increased dependence on charcoal in some areas in the country also accounted for a decline in the consumption rate of LPG.

READ ALSO: Mahama Is Focused On Campaign, Will Not Be Distracted By Dirty Propaganda- Motgari

Tags: COPECfuelGhana News
Please login to join discussion
Previous Post

Africa’s ‘Forgotten’ Food Crops Key to Supporting Climate-Resilient And Profitable Food Systems- Gus Le Breton

Next Post

Fast-Moving Chinese Electric Car HiPhi X Gains Approval for Sale in Europe

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Nigeria Mourns As Buhari Passes In London
Africa

Nigeria Mourns As Buhari Passes In London

July 13, 2025
UK Unveils £2.5 Billion Electric Car Push
UK

UK Unveils £2.5 Billion Electric Car Push

July 13, 2025
Bullgod Slams King Paluta Over Diss Song
Entertainment

Bullgod Slams King Paluta Over Diss Song

July 13, 2025
EU Launches Preparedness Union Strategy
Europe

EU To Suspend Retaliatory Tariffs On US Goods

July 13, 2025
Ghana’s Development Engine Sputters: ISSER Urges Bold Reforms in Land, Jobs, and Inclusion
Economy

Ghana’s Development Engine Sputters: ISSER Urges Bold Reforms in Land, Jobs, and Inclusion

July 13, 2025
Minister for Government Communications and Presidential Spokesperson, Felix Kwakye Ofosu
General News

Government Launches Accountability Series to Deepen Transparency

July 13, 2025
Nigeria Mourns As Buhari Passes In London
Africa

Nigeria Mourns As Buhari Passes In London

by Lawrence AnkutseJuly 13, 2025
UK Unveils £2.5 Billion Electric Car Push
UK

UK Unveils £2.5 Billion Electric Car Push

by Lawrence AnkutseJuly 13, 2025
Bullgod Slams King Paluta Over Diss Song
Entertainment

Bullgod Slams King Paluta Over Diss Song

by Esther Korantemaa OffeiJuly 13, 2025
EU Launches Preparedness Union Strategy
Europe

EU To Suspend Retaliatory Tariffs On US Goods

by Comfort AmpomaaJuly 13, 2025
Ghana’s Development Engine Sputters: ISSER Urges Bold Reforms in Land, Jobs, and Inclusion
Economy

Ghana’s Development Engine Sputters: ISSER Urges Bold Reforms in Land, Jobs, and Inclusion

by Stephen M.CJuly 13, 2025
Minister for Government Communications and Presidential Spokesperson, Felix Kwakye Ofosu
General News

Government Launches Accountability Series to Deepen Transparency

by Evans Junior OwuJuly 13, 2025
Nigeria Mourns As Buhari Passes In London
UK Unveils £2.5 Billion Electric Car Push
Bullgod Slams King Paluta Over Diss Song
EU Launches Preparedness Union Strategy
Ghana’s Development Engine Sputters: ISSER Urges Bold Reforms in Land, Jobs, and Inclusion
Minister for Government Communications and Presidential Spokesperson, Felix Kwakye Ofosu
[/vc_row_inner]

Recent News

  • Nigeria Mourns As Buhari Passes In London
  • UK Unveils £2.5 Billion Electric Car Push
  • Bullgod Slams King Paluta Over Diss Song
  • EU To Suspend Retaliatory Tariffs On US Goods
  • Ghana’s Development Engine Sputters: ISSER Urges Bold Reforms in Land, Jobs, and Inclusion
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.