'Fuel prices expected to drop from Monday' - COPEC - The Top Society

‘Fuel prices expected to drop from Monday’ – COPEC

TOPSOCIETYNG

The Chamber of Petroleum Consumers (COPEC) in Ghana has just announced an anticipated decline in fuel prices across the country, effective from Monday, October 16, 2023.

Executive Secretary Duncan Amoah attributes this development to a noticeable plunge in global fuel costs and a commendable strengthening of the Ghanaian cedi against the US dollar.

Presently, the average retail prices for petrol stand at GH¢12.63 per liter, while diesel is being sold at GH¢13.40 per liter.

COPEC projects a potential reduction in petrol prices to GH¢12.098 per liter, and diesel prices may dip to GH¢12.694 per liter during the upcoming second pricing window of October, commencing on the 16th.

“The second pricing window for the month of October under the National Petroleum Authority’s price deregulation program 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 fortnight point to some marginal reductions across pumps for the coming window, as confirmed by CBOD petroleum pricing outlook for the window,” COPEC’s statement noted.

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.

TAGGED: , ,
Share this Article
Leave a comment