FUEL PRICES LIKELY TO INCREASE BY 3-7%, LPG ABOUT 20%- COPEC HINTS

From the following basic industry facts from both within and across the globe, which are to the effect that;

Crude prices over the past forthnight has seen an increase from $78.99/barrel to $85.07/barrel representing (7.70%) and the forex exchange rate also witnessing a corresponding depreciation on the part of the local currency ( cedi ) from previous Bank of Ghana average rates of GHS11.3283 to GHS12.5606 (10.88%) per exchange to $1 whiles taking into account the CBOD rate of $1=GHS14.5.

Our estimations of a range of possible pump prices for the coming first window of the month of February 2023 taking into cognizance a standard range of deviation of within (+/-)5% shall be as follows.

Petrol
With increases in international benchmark prices increasing from $789.33/MT to $887.55/MT (12.44%), the retail price across the various pumps for petrol are likely to averagely work up to GHS14.23/L

Petrol Retail prices are therefore expected to increase by 3.57% from the current mean retail figure of GHS13.74/L.

Diesel
With the International price benchmarks slightly increasing from $894.18/MT to $961.36/MT (7.51%), the expected mean retail price for the next window shall be GHS16.22/L

Thus,
Diesel prices are therefore expected to increase by 5.94% over the current Mean price of GHS15.31/L

Mean Price of Petrol and Diesel
The Mean price of Petrol and Diesel shall be GHS15.22/L.

LPG
With the prices of international benchmarks increasing from $555.20/MT to $610.89/MT (10.03%) the projected retail price of LPG is as thus, expected to increase by about 23.28% from the current average price of 11.27/kg to GHS13.88/kg.

Copec will like to commend some of the oil marketing companies whose prices continue to have the best interest of the Ghanaian consumer in mind whiles admonishing the few others who continue to clearly charge a lot higher to not forget the public is keeping a keen interest in the developments of the downstream.

We further call on the Bank of Ghana to rather channel its energies and resources at working to stabilise the cedi whose fast and persistent depreciation continues to have dire consequences on the downstream retail pricing.