The next pricing windows will bring good news for Ghanaian drivers as fuel prices are projected to decrease according to the Chamber of Petroleum Consumers Ghana (COPEC).
COPEC Ghana, the Chamber of Petroleum Consumers, said that petrol could be bought at GH¢11.67 per litre, a reduction from the current GH¢12.00.
In a statement, COPEC explained the factors behind the price decline. “Crude price has dropped from an average of $85.29/barrel to $76.64/barrel (-10.14%) and the forex or Dollar exchange rate has slightly fallen from an average of GHS12.0060 to GHS11.9963 (0.08%) per $1,” it said.
It also gave the predicted retail figures for Petroleum products: Petrol – GH¢11.67/L, Diesel GH¢11.51/L.
“The first May pricing window saw stable fuel prices.”
Read the full statement below from COPEC below:
CHAMBER OF PETROLEUM CONSUMERS
14 May 2023
REVIEW OF FUEL PRICES FOR THE SECOND WINDOW OF MAY 2023.
The second pricing window of the month of May, 2023 is set to to commence in a few hours from now, indications are that pump prices are likely to decline for fuel products across the country.
the following basic information forms the basis of projections for the coming window, that; Crude price has seen a decline from the mean price of $85.29/barrel to $76.64/barrel (-10.14%) whiles the forex or Dollar exchance rate has slightly decreased from a previous average of GHS12.0060 to GHS11.9963 (0.08%) per $1, the following shall be the predicted retail figures for Petroleum products.
Petrol .. GHS11.67/L
Diesel .. GHS11.51/L
Current Mean Price for Petrol and Diesel*..GHS11.59/L
Thus for a 14.5 kg LPG cylinder, is expected to be selling at GHS154.10 for the window.
All Predictions are within (±5%) error margin.
Find below are the details of the projections for the window.
With the international price declining from $868.14/MT to $795.31/MT (-8.39%), the retail price works up to GHS11.67/L
Thus, Petrol is expected to decline by 4.94%* of the current Mean Market price of GHS12.28/L, to close selling between GHS11.09/L and GHS12.26/L within ±5% of this prediction.
With the International benchmark prices declining from $747.93/MT to $673.25/MT (-9.98%), the expected mean retail price for the next window shall be GHS11.51/L
Thus, Diesel is expected to also decline by some 6.53%* of the current Mean Market price of GHS12.31/L to be selling between GHS10.93/L and GHS12.08/L within ±5% of projection.
Mean Price of Petrol and Diesel
The Mean price of Petrol and Diesel for the coming window per the numbers shall be 11.59/L ± 5%
With the international benchmark prices declining from $522.77/MT to $452.75/MT (-13.39%) the projected retail price of LPG is expected to see a reduction by about 1.02% from the current average of 11.64/kg to GHS10.63/kg.
Thus, within ±5% error, LPG is expected to be sold between GHS10.10/kg and GHS11.16/kg
Government is however encouraged to do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote or encourage its nationwide accessibility and usage which will eventually help save the environment.