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.
“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.
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