The Chamber of Petroleum Consumers (COPEC) has forecasted a forthcoming reduction in fuel prices at gas stations nationwide, commencing on Monday, October 16, 2023. Duncan Amoah, the Executive Secretary of COPEC, made this announcement in a statement issued on Friday.
COPEC attributes the expected drop in fuel prices to a significant decrease in international market prices for petroleum products and the apparent strengthening of the Ghanaian cedi against the US dollar.
As of now, gasoline is being sold in Ghana at an average price of GH¢12.63 per liter, while diesel is priced at GH¢13.40 per liter.
According to COPEC’s projections, gasoline prices may decline to GH¢12.098 per liter, and diesel prices may drop to GH¢12.694 per liter during the second pricing window of October, which kicks off on Monday, October 16, 2023.
COPEC stated, “The second pricing window for the month of October, under the National Petroleum Authority’s petroleum pricing deregulation program, is scheduled to start on Monday, the 16th of October.”
They added, “Price indications based on international price trends and the foreign exchange performance over the past month suggest marginal reductions at fuel pumps for the upcoming window, as confirmed by CBOD petroleum pricing outlook for the window.”
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
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