Fuel prices projected to drop slightly from October 16 - COPEC

The Chamber of Petroleum Consumers (COPEC) has predicted a slight decrease in fuel prices at the pumps throughout Ghana starting from Monday, October 16, 2023.

According to the Executive Secretary of COPEC, Duncan Amoah, this drop in fuel prices can be attributed to a significant reduction in the international market prices of fuel products and the apparent strengthening of the Ghanaian cedi against the US dollar.

As of now, the average price of petrol in Ghana is GH¢12.63 per liter, while diesel is sold at GH¢13.40 per liter.

COPEC expects a potential decrease in petrol prices to GH¢12.098 per liter, and diesel prices may drop to GH¢12.694 per liter during the second pricing window of October, which commences on October 16, 2023.

"The second pricing window for the month of October under the National Petroleum Authority's price deregulation program on petroleum pricing is set to commence from Monday the 16th of October. Indications of prices based on international price movements and the forex performance over the past fortnight point to some marginal reductions across pumps for the coming window, as confirmed by CBOD petroleum pricing outlook for the window," COPEC's statement noted.

ID/MA

Read the full statement below:

CHAMBER OF PETROLEUM CONSUMERS

ACCRA

14/10/2023

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 from 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/$

C. Projections

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)

Signed.

Duncan Amoah

Executive Secretary.

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