Fuel Prices: Petrol And Diesel Prices To Decline On November 16 But LPG To Go Up

• Ghanaians will soon be relieved as petroleum watchers predict a significant reduction in the price of petrol and diesel on Wednesday, November 16, 2022
• COPECH-GH has said diesel is expected to go down by at least GH¢2 per litre, while petrol price will decline by at least GH¢1 per litre
• Meanwhile, only LPG will see an increase in price on the petroleum market on Wednesday

Some good news for consumers of petroleum products this week as both diesel and petrol prices have been forecasted to drop significantly this week.

Duncan Amoah of the Chamber of Petroleum Consumers Ghana (COPEC-GH) has said in a statement that pump prices of petrol and diesel will fall significantly during the next pricing window on Wednesday, November 16, 2022.

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However, only Liquefied Petroleum Gas (LPG) will not see a reduction in price on Wednesday, he said.

For petrol, COPEC-GH explained why prices will fall as follows:

"The international benchmarks saw a slight increase in price by less than $6/mt from $963.43 to $969.08, with a relative stability and availability of the forex to the petroleum importation market, retail prices could likely moves downwards to GH¢16.07 per litre from averages of GH¢17.42/L"

For diesel, COPEC-GH explained why prices will fall as follows:

"International price benchmarks have seen diesel prices decline by $123/mt from $1,220.82/mt to $1,097.35, the expected retail price averagely could decline from current averages to GHS20.25 per litre from 23.43/L"

For LPG, COPEC-GH explained why prices will fall as follows:

"International benchmarks for lpg has seen an increase of about $32 from $598.27 to $630.56, this could be expected to lead to an increase in retail price on current retail averages of 12.10/kg to a likely retail price of 13.51/kg."

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COPEC-GH attributed the reduction in the price of petrol and diesel to the efforts by the Bank of Ghana to ensure that there are enough forex on the market to import petroleum products.

"We entreat the Bank of Ghana to not make this intervention in the forex supply a nine day wonder but to step up efforts to guarantee the needed forex to particularly the petroleum importation market..." COPEC-GH said.

Akufo-Addo Outdoors Ghana’s National Energy Transition Framework At COP27

Meanwhile, YEN.com.gh has reported in a separate story that Ghana has said it is committed upholding the principles of the Paris Agreement.

President Nana Akufo-Addo has said Ghana is exploring options to include hydrogen gas and other clean energy in the country's energy mix.

Akufo-Addo said these when he presented Ghana’s framework on energy transition at a high-level event organised by Bloomberg Philanthropies on Sustainable Energy for All at COP27 in Egypt.

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“Energy transition has become a global responsibility for us all, especially in view of the impact of climate change, and the global energy crisis brought forth by the Russian invasion of Ukraine,” he stated.

Source: YEN.com.gh