Prices of Petrol to Increase, While Diesel to Drop  – COPEC Announces

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Prices of Petrol to Increase, While Diesel to Drop  – COPEC Announces

The Chamber of Petroleum Consumers (COPEC) has projected that the price of petrol may increase by 2 percent in the next pricing window that starts from April 16, 2023.

According to COPEC, the projection is based on the increase in international benchmark pricing from $772.75 per metric tonne to $900.20 per metric tonne indicating a 16.49% rise, the retail price works up to GH¢12.41 per liter.

A statement issued from COPEC and sighted by GhanaWeb Business explained that the “Price of petrol at the retail pumps is therefore expected to increase by an average of 2.01% from the current mean value of GH¢12.16 per liter.”

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In that light, petrol is expected to be sold between GH¢11.79 liter and GH¢13.03 per liter.

However, diesel prices are expected to drop by -5.58% from the current value of GH¢12.71 per liter to between GH¢11.40 and GH¢12.60 per liter.

For LPG, COPEC noted that the international price has slightly increased from $530.10 per metric tonne to $535.45 per metric tonne, representing 1.01%.

“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 per kilogram to GHS11.47 per kilogram due to the drop in the dollar rate,” the statement from COPEC said.

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By this, LPG is expected to be sold between GH¢10.90 per kilogram and GH¢12.04 per kilogram when the new pricing window takes effect.

“Knowing that, LPG consumption generally dropped by 12% in 2022, we entreat the Government to consider easing 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,” it added.

 

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