Fuel prices to go up 5.5% in spite of reductions on world market – COPEC

Prices of fuel is expected to go up in the country despite some marginal reductions over the past two weeks on the world market.

A statement issued by the Chamber of Petroleum Consumers (COPEC) yesterday and signed by the Executive Secretary, Duncan Amoah, said fuel prices were likely to increase by 5.5 per cent despite some marginal reductions on the world market.

“Between the current first pricing window and the next fuel pricing window of the month August, which commences from tomorrow, August 16, 2022, Crude oil price has seen a drop by 4.53 per cent from $110.52 averagely to $105.51 per barrel, whilst that of finished products (petrol and diesel) have declined by an average of 7.5 per cent,  Petrol:* $1,010.15 per metric tonne, (down by 8.11 per cent), diesel: $1,032.00 per metric tonne  (down by 7.25 per cent),” COPEC, said.

COPEC said the forex market has unfortunately however, been pretty turbulent over the period with the cedi depreciating steeply by as much as about 17.342 per cent to close trading at about GH¢9.8313 per dollar.

It said considering that there was no new tax rebate, the projected average prices of Petrol and Diesel would likely be as follows GH¢10.959 per litre-11.55 per litre  with diesel moving from 13.3 per litre-13.965 per litre, all indicating about 5.5 per cent price increase across board over the current mean window prices.

COPEC said petrol which is currently selling at GH¢10.95 per litre was likely to be sold at GH¢11.65 per litre from August 16, 2022 whilst Diesel selling at GH¢13.30 per litre was likely to be sold at GH¢13.97 per litre.

The Chamber indicated that for Liquefied Petroleum Gas (LPG) Prices window, the international price was estimated to hit $620.00 metric tonnes (down by 0.04 per cent) and for that matter, the price of LPG was expected to have remained unchanged but for the drop in the dollar exchange rate, the price of LPG was likely to go up by 10.306 per cent to sell at around GH¢9.58 per kilogramme.

COPEC said considering no sudden jerks in Crude Oil pricing, that may lead to changes in Petrol, Diesel and LPG Prices on the International market, the Mean Ex-pump prices were expected to be within the projected figures to within two per cent.

“COPEC by this, is further admonishing the government to get to work in earnest to as a matter of urgency, help stabilise the dollar rate and to also consider further reductions in some of the existing taxes and levies on Petroleum products to help ease the burden on the pockets of Ghanaian consumers,” the Chamber said.


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