Fuel prices to drop by Wednesday – COPEC

Fuel prices to drop by Wednesday – COPEC

The price of petrol and diesel is likely to see a decline while that of Liquefied Petroleum Gas will rather be adjusted upwards following the projection being made into the second oil pricing window in November by the Chamber of Petroleum Consumers (COPEC).

In a statement endorsed by Mr Duncan Amoah, General Secretary of COPEC ahead of the second pricing window on Wednesday 16th November 2022, he revealed that the “international benchmark for LPG has seen an increase of about $32 from $598.27 to $630.56,” which he said, “could be expected to lead to an increase in retail price on current retail averages of 12.10/kg to a likely retail price of 13.51/kg.”

This shows that the petrol price is expected to drop to Ghc 16.07 whiles that of diesel will reduce to Ghc 20. 25 per litre.

LPG on the other hand has rather increased from Ghnc 12.10 per kilogram to Ghc 13. 51 per kilogram.

The reduction according to COPEC is due to the works of the Central Bank in the Petroleum import space with specific auctions.

COPEC further advised that the Tema Oil Refinery needs to start operating to complement the efforts in the current energy demand of the country.

Also, it urged the central bank not to make the intervention a nine-day wonder but to rather work hard to ensure the Petroleum importation gets the needed forex.

The statement stressed the need to resurrect the Tema Oil Refinery as that will go a long way to ensure fuel security and aid in stabilizing the cedi.

Additionally, the role of the Bulk Oil Storage and Transportation, BOST needs to be looked at again according to recommendations by COPEC.

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