Come Monday, October 16, 2023, a significant reduction in fuel prices is expected at pumps nationwide, as projected by the Chamber of Petroleum Consumers (COPEC)
In a statement released on Friday, COPEC’s Executive Secretary, Duncan Amoah, pointed to the substantial decline in international fuel prices and the apparent strengthening of the cedi against the US dollar as key factors contributing to this upcoming shift.
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.
Currently, the average price for petrol in Ghana stands at GH¢12.63 per litre, while diesel is priced at GH¢13.40 per litre. COPEC forecasts a potential decrease, with petrol prices possibly dropping to GH¢12.098 per litre and diesel prices expected to plummet to GH¢12.694 per litre, commencing from the second pricing window of October.
This projection underscores the influence of global market dynamics and currency fluctuations on local fuel costs, offering a prospect of relief for consumers at the pumps in the coming weeks.
FULL STATEMENT RELEASED BY COPEC, SIGNED BY SIGNED BY EXECUTIVE SECRETARY
CHAMBER OF PETROLEUM CONSUMERS
ACCRAFUEL 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)
