Fuel Prices: COPEC-GH Projects Petrol and Diesel Prices To Reduce Further From January 1

Fuel Prices: COPEC-GH Projects Petrol and Diesel Prices To Reduce Further From January 1

  • Fuel prices are projected to fall at the pumps from January 1, 2023 to an average price of a little above GH¢11
  • According to COPEC-GH, petrol prices will drop to about GH¢10.63 while diesel will sell for GH¢15.28, representing significant reductions
  • COPEC-GH attributes the projections to the falling prices of crude oil on the international market and a strong cedi against the dollar

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The Chamber for Petroleum Consumers Ghana (COPEC-GH), a downstream petroleum industry think tank, has projected a further reduction in the price of fuel during the next pricing window.

According to the think tank, the international price of crude and cedi-dollar exchange rate both point to favourable pricing of petroleum products from January 1, 2023.

Fuel prices are projected to fall in Ghana due to falling crude prices on the international market and a resilient cedi.
Suggestive images of falling price of barrel of crude and a hand pointing the nozzle of a fuel pump towards a tank. Source: UGC.
Source: UGC

Duncan Amoah, the executive director of the COPEC-GH, told YEN.com.gh in an exclusive correspondence that because crude price has dropped from $82.79 to $80.49 per barrel and the dollar rate has also decreased slightly from an average of GH¢14.013 to GH¢10.30, pump prices should reduce significantly from next week.

“With the international price decreasing from $763.63 per metric tonne to $722.84 per metric tonne (a 5.34% reduction), the retail price works up to GH¢10.63 per litre.

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“Petrol retail prices are therefore expected to drop by 13.78% from the current Mean value of GH¢12.33 per litre,” COPEC-GH’s executive director disclosed.

Diesel is also expected to reduce from the current GH¢15.28 to GH¢12.85 per litre after a projected 15.86% drop in prices.

COPEC-GH explained that the mean price of petrol and diesel will be GH¢11.74 per litre.

Also, the projected retail price of Liquefied Petroleum Gas (LPG) is expected to decrease by about 25.16% from the current average of GH¢13.63 kg to GH¢10.20 per kilogramme.

Fuel Prices See Consistent Reduction Since November 2022

Meanwhile, YEN.com.gh has reported that the astronomical fuel prices increases that contributed to inflation ceased from the second pricing window in November 2022.

Petrol prices reduced to about GH¢13 per litre from GH¢15.41, while diesel to about dropped to about GH¢16 from GH¢18 per litre.

Also, LPG dropped to GH¢12 per kilogramme from about GH¢13 cedis.

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Source: YEN.com.gh

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