Petrol prices to go up by 2%, diesel to drop by 5.58% – COPEC

Petrol is therefore expected to be sold at between GHS11.79/L and GHS13.03/L. Diesel is expected to be sold at between GHS11.40/L and GHS12.60/L*_

Below is the full statement by COPEC

PROJECTIONS FOR THE NEXT PRICING WINDOW BEGINNING 16 APRIL 2023

The second pricing window of the month of April is due in the next 48 hours from which prices of fuel at the various pumps will either decline, stabilise or increase.

the following basic information forms the basis of projections for pump pricing for the coming second window in the month of April that;

Crude pricing has seen increase from the previous mean price of $74.73/barrel to $81.69/barrel (9.31%), the forex (Dollar exchange rate) has recorded a decline in depreciation from an earlier average of GHS12.5867 to GHS11.5450 (-8.28%) per $1 and further taking into consideration the CBOD industry average rates of about $1=GHS12.50.

Considering current industry average pump prices of petrol at 12.165/Litre and average retail pump prices of diesel at 12.71/Litre.

The following are the likely projected retail figures for Petroleum products, effective 16 April 2023. All Predictions are within (±5%) error.

Petrol
With an increase in international benchmark pricing from $772.75/MT to $900.20/MT (16.49%), the retail price works up to GHS12.41/L

Price of Petrol at the Retail pumps are therefore expected to increase by an average of (2.01%) from the current Mean value of GHS12.16/L._

Thus, within ±5% error, Petrol is expected to be sold between GHS11.79/L and GHS13.03/L

Diesel
With International price benchmarks declining from $783.95/MT to $776.65/MT (-0.93%), and with a deceased forex rate, the expected mean retail price for the next window shall be *GHS12.00/L from the current 12.71

Thus,
Diesel prices are therefore expected to drop by (-5.58%) from the current Mean value of GHS12.71/L

Thus, within ±5% error, Diesel is expected to be sold between GHS11.40/L and GHS12.60/L*_

Mean Price of both Petrol and Diesel at the pumps effective 16th April.
The Mean price of Petrol and Diesel shall work out to averages of 12.20/L* showing a percentage drop of (-1.87%) from the current Mean Price of GHS12.43/L

LPG
With international price of lpg slightly increasing from $530.10/MT to $535.45/MT (1.01%) whiles taking into cognizance a decline in the forex rate for the period, the projected retail price of LPG will be expected to decrease by about (-4.74%) from the current industry retail average of 12.04/kg to GHS11.47/kg. due to the drop in the Dollar rate.

Thus, within ±5% error, LPG is expected to be sold between GHS10.90/kg and GHS12.04/kg*_

Remarks
These Predictions are purely demand and supply driven and are completely independent of all such contributions from the G4O programme.

Further Advice on LPG consumption.

Knowing that, LPG consumption generally dropped by 12% in 2022, we entreat the Government to do consider easing on the numerous taxes on lpg or to even consider a subsidy programme on the price of LPG with the view to promoting and increasing its usage and to eventually help save the environment.

Signed.

Duncan Amoah.
Executive Secretary.