Fuel Price: COPEC Projects Significant Reduction Of Up To 10% From Thursday, December 1, 2022

Fuel Price: COPEC Projects Significant Reduction Of Up To 10% From Thursday, December 1, 2022

  • Ghanaian petroleum consumers will for the next two weeks enjoy up to 10% reduction in the price of petrol and lower but significant decrease for diesel and LPG
  • COPEC-GH has said from December 1, it expects petrol to sell at GH¢15.41 per litre
  • But diesel will sell for GH¢18.86 per litre while LPG goes for GH¢15.27/kg in the current pricing window

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The Chamber of Petroleum Consumers Ghana (COPEC-GH) has said the price of petroleum products will see significant reduction in the next two weeks.

In statement announcing its projections for the next pricing window beginning December 1, 2022, COPEC-GH said a potpourri of factors in both the local and international market will trigger the reduction.

The statement signed by COPEC-GH’s Executive Secretary Duncan Amoah explained that the reduction follows a potpourri of factors in the petroleum sector.

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Fuel prices have been increasing consistently every two weeks from July 2022.
A fuel attendant's hand inserts a fuel pump into the tank of a car. Source: Getty Images.
Source: Getty Images

They include a fall in the price of crude from $96.26 per barrel to $89.05 per barrel, the dollar rate increasing slightly from GH¢14.4972 to GH¢14.9600 per $1 and the changed CBOD rate of $1=GH¢17.5.

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COPEC-GH said new retail figures for petroleum products from December 1 to December 16 will favour consumers.

Petrol will see a reduction by 9.52% per litre to sell at an average price of GH¢15.41 per barrel from a previous price of GH¢16.31 per litre.

Also, diesel will reduce by 4.55% to sell at GH¢18.86 per litre from the previous price of GH¢20.00 per litre.

Liquefied Petroleum Gas (LPG) is also projected to retail at GH¢15.27/kg after recording a decrease of about 0.23% in the previous price.

Already, some media houses have reported that some oil marketing companies have reduced their prices.

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Joy News has reported that as at November 30, 2022 some players in the petroleum retail sector have reduced their prices by margins consistent with COPEC-GH's predictions.

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

Meanwhile before the last pricing window, YEN.com.gh reported that Ghanaians would be relieved because petroleum watchers have forecasted a significant reduction in the price of petrol and diesel on Wednesday, November 16, 2022.

COPECH-GH predicted accurately that diesel would go down by at least GH¢2 per litre, while petrol price will decline by at least GH¢1 per litre.

Only LPG will saw an increase in price on the petroleum market.

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Source: YEN.com.gh

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