Fuel prices set to decline marginally from October 16 – COPEC

Fuel prices at pumps across the country are set to reduce from Monday, October 16, 2023, the Chamber of Petroleum Consumers (COPEC) has predicted.

Executive Secretary of COPEC, Duncan Amoah in a statement issued on Friday attributed the anticipated drop in fuel prices to a significant drop in the prices of the products on the international market as well as the seeming appreciation of the cedi against the US dollar.

Currently, petrol sells in Ghana at an average price of GH¢12.63 per litre while diesel goes for GH¢13.40 per litre.

According to COPEC, petrol prices may reduce to GH¢12.098 per litre while diesel prices may plummet to GH¢12.694 per litre from the second pricing window of October which begins on Monday, October 16, 2023.

“The second pricing window for the month of October under the National Petroleum Authority’s price deregulation programme on petroleum pricing is set to commence from Monday the 16th of October.”

“Indications of prices based on international price movements and the forex performance over the past forthright points to some marginal reductions across pumps for the coming window as confirmed by CBOD petroleum pricing outlook for the window,” COPEC announced in its statement.

READ THE FULL STATEMENT BELOW

CHAMBER OF PETROLEUM CONSUMERS
ACCRA
14/10/2023

FUEL PRICES SET TO DECLINE ACROSS PUMPS COUNTRYWIDE

The second pricing window for the month of October under the National Petroleum Authority’s price deregulation programme on petroleum pricing is set to commence from Monday the 16th of October.

Indications of prices based on international price movements and the forex performance over the past forthright points to some marginal reductions across pumps for the coming window as confirmed by CBOD petroleum pricing outlook for the window.

The figures below form the basis of Projections for the Window.

A. International Pricing

1. Crude 92.70 (-2.27%)
2. Petrol .. $848.3/MT (-13.06%)
3. Diesel .. $829.36/MT (-16.48%)
4. LPG ..$530.64/MT (-9.67%)

Thus, Petroleum prices generally have witnessed a significant drop on the international market according to the trading benchmarks.

B. Forex rate
The exchange rate for the Dollar recorded an increase of 1.44% to close trading at GHS12.10/$

C. Projections

1. Petrol.. GHS12.098/L
To be selling between GHS11.49/L and GHS12.70/L within ±5% of COPEC’s Projections

(Current market Mean Price =GHS12.63/L)

Expected Mean % drop (3.73%)

2. Diesel.. GHS12.694/L
Projected to be selling for between GHS12.06/L and GHS13.33/L within ±5% of COPEC’s Prediction.

(Current Mean Price = GHS13.40/L)

Expected Mean % drop (5.55%)

3. LPG.. GHS12.147/kg
To be selling between GHS11.54/L and GHS12.75/kg within ±5% of COPEC’s Prediction.

(Current Mean Price = GHS13.40/L)

Signed.

Duncan Amoah
Executive Secretary.