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The Chamber of Petroleum Consumers (COPEC) has forecasted a reduction in fuel prices at gas stations nationwide, starting from Monday, October 16, 2023. Duncan Amoah, the Executive Secretary of COPEC, attributed this expected decrease in fuel costs to a substantial drop in international product prices and the apparent strengthening of the Ghanaian cedi against the US dollar.
Currently, the average price for petrol in Ghana stands at GH¢12.63 per litre, while diesel is priced at GH¢13.40 per litre. According to COPEC’s projections, during the second pricing window of October, which commences on Monday, October 16, 2023, petrol prices may decrease to GH¢12.098 per litre, and diesel prices may plummet to GH¢12.694 per litre.
COPEC in a statement said “The second pricing window for October, as part of the National Petroleum Authority’s price deregulation program on petroleum pricing, is scheduled to begin on Monday, the 16th of October.” They further added, “Based on international price trends and the performance of the foreign exchange market in the past month, there are indications of marginal reductions in fuel prices at the pumps for the upcoming window, as confirmed by CBOD petroleum pricing outlook.”
READ THE FULL STATEMENT BELOW
CHAMBER OF PETROLEUM CONSUMERS
FUEL PRICES SET TO DECLINE ACROSS PUMPS COUNTRYWIDE
The second pricing window for the month of October under the National Petroleum Authority’s price deregulation programme on petroleum pricing is set to commence on Monday the 16th of October.
Indications of prices based on international price movements and the forex performance over the past forthright points to some marginal reductions across pumps for the coming window as confirmed by CBOD petroleum pricing outlook for the window.
The figures below form the basis of Projections for the Window
A. International Pricing
1. Crude 92.70 (-2.27%)
2. Petrol .. $848.3/MT (-13.06%)
3. Diesel .. $829.36/MT (-16.48%)
4. LPG ..$530.64/MT (-9.67%)
Thus, Petroleum prices generally have witnessed a significant drop on the international market according to the trading benchmarks.
B. Forex rate
The exchange rate for the Dollar recorded an increase of 1.44% to close trading at GHS12.10/$
1. Petrol.. GHS12.098/L
To be selling between GHS11.49/L and GHS12.70/L within ±5% of COPEC’s Projections (Current market Mean Price =GHS12.63/L)
Expected Mean % drop (3.73%)
2. Diesel.. GHS12.694/L
Projected to be selling for between GHS12.06/L and GHS13.33/L within ±5% of COPEC’s Prediction.
(Current Mean Price = GHS13.40/L)
Expected Mean % drop (5.55%)
3. LPG.. GHS12.147/kg
To be selling between GHS11.54/L and GHS12.75/kg within ±5% of COPEC’s Prediction. (Current Mean Price = GHS13.40/L)