Fuel prices to remain same in September – COPEC GH

The Chamber of Petroleum Consumers Ghana (COPEC GH) has forecasted that “prices across most pumps are likely to remain stable with no expected increases on current pump prices” in the first pricing window in September which commences on Friday, September 1.

COPEC GH said the second window of the current month of August saw averagely, 3% upward adjustments in pump prices due largely to rising world market prices and foreign exchange differences.

This was contained in a statement issued by COPEC GH Executive Secretary, Duncan Amoah, on Wednesday, August 30 indicating that current pump prices of PMS (petrol ) and AGO (diesel) after closing trading across most Oil Marketing Companies (OMCS) in August averaged GHS18.40 and GHS 18.31 respectively.

COPEC GH explained that the stable prices expected in September is due to world market prices over the past two weeks, which has seen some decline in respect of AGO, the old specs of 1000ppm diesel saw a decline of about 11 dollars per metric to close trading at $461.750/metric whiles the new 10ppm sulphur spec also saw $11.3 decline to close trading at $479.250/metric.

“The drop in prices of the two specs translates to averages of negative 3 pesewas per litre on current pump prices of diesel,” COPEC GH explained.

PMS or petrol saw a marginal increase of about $2.64 to close trading at $572.50/metric, this represents 1 pesewa impact on current pump prices but it's likely to be contained between the Bulk Distribution Companies (BDCs and the OMCs.)

COPEC GH said: “Forex over the past two weeks period has remained fairly stable to close trading at ghc4.51/ $1 from the previous ghc4.445/ $1 or a difference of GHS 0.061/$1 though this is subject to availability of forex to the importer”.

Forex is therefore expected not to have any serious impact on fuel prices for the coming window.