Head of Research and Training Unit at the Chamber of Petroleum Consumers (COPEC), Benjamin Nsiah, has disclosed that his outfit is projecting a six percent increase in prices of petroleum products.
Speaking in an interview, he stated that, COPEC computed this projection after a publication by the National Petroleum Authority (NPA) on the price change in petroleum products.
He also indicated that, the six percent price projection came about due to the last pricing window for the month of January. He said although there has not been an increment yet, petroleum consumers should be expecting it at the local pumps in the coming days.
“We are suggesting that, those selling 5.1 will be selling at GhC5. 20 or GhC5.30 pessewas. That is our projection per litre. But in any case, we are thinking that, none of the OMCs will sell above GHC5.50. So, it should be between the range of GHC5.20 to GHC5.40.”
Touching on the price of the petroleum per gallon as well, he noted that, the expected price is projected to be around GHC23 adding that, this will result in an increase in price of fuel as COPEC is predicting.
He further indicated that, the increase in petroleum prices will also not be the fault of the Oil Marketing Companies (OMCs) as they are also trying to break even in the market looking at the various external factors influencing the change in the petroleum prices and oil prices in general.
Meanwhile the Institute of Energy Security (IES), has also projected an increase in fuel prices this February.
According to an analysis by the Institute of Energy Security, IES, the increase can be attributed to the 3.9% increase in the price of Brent crude, the 5.10% increase in the price of Gasoil, and the relative stability of the local currency.
A statement issued by the IES also noted that some Oil Marketing Companies, OMCs, may however decide to maintain prices from the previous window.
“Owing to factors including the 3.9% increase in price of the International Benchmark- Brent crude, the 5.10% increase in price of Gasoil, the 7.47% increase in Gasoline price and the relative stability of the local currency; the Institute for Energy Security (IES) projects price of fuel on the domestic market at the various pumps experiencing slight adjustments upwards as we enter the new month, February 2021. To increase market share however, some OMCs may decide to maintain prices from the previous window.”
For the pricing window under review, the IES indicated that, price of fuel on the local market remained unstable within the window under review. It further said that, price of petroleum products within the second pricing window of January 2021, saw a majority of Oil Marketing Companies (OMCs) increasing their figures marginally. The current national average price of fuel per litre at the pump is pegged at GHC4.97
The IES further noted that, gasoline and gasoil prices as monitored also showed that, price of the international commodities experienced marginal increments.
