Petrol to sell for GH¢9 while diesel goes for a cedi more in the next window
The Finance Ministry has been called by the Chamber of Petroleum Consumers Ghana (COPEC) to come out on the reason behind the skyrocketing prices of fuel.
Fuel prices are expected to hit at least GH¢10 per litre according to COPEC Executive Director, Duncan Amoah and he is cautioning that Ghana’s economy is in danger of being wrecked.
“Everybody is complaining, but the finance guys who deal with these numbers have gone mute,” he said.
“Let the Finance Ministry stop sleeping and speak to these issues because clearly, these increases and the ones we are expecting on Wednesday is going to do only one thing. It is going to derail the entire economy completely.”
After COPEC cautioned that diesel could cross GH¢10 per litre with petrol rising to GH¢9 per litre from March 16, the National Petroleum Authority confirmed that increases of this nature are expected.
Also the head of Pricing at the NPA, Abbas Ibrahim said “definitely the price that we expect at the pump as has been projected is very likely to go beyond the GH¢9 mark.”
He however expects some variation based on the plans of the various oil marketing companies.
“GH¢9 is the very realistic price we could be paying in the next window, but it could be higher than that or lower than that depending on the company’s strategy.”
COPEC however blamed the expected price adjustment to the rising cost of crude on the international market and the cedi which is currently fast sliding against major trading currencies.
In a statement on Monday, it said the Free On Board prices of petrol increased by 19.28% from $917.48/MT to 1094.33/MT, diesel by 34.57% from $845.50/MT to $1137.78/MT and LPG by 17.42% from $845.93/MT to $993.25/MT between the first pricing window (1st-15th March 2022) and the second window (16th -31st March 2022).
