COPEC predicts another fuel price increment, urges Ghanaians to prepare
Ghanaians are to brace themselves up again as projection coming in from the Chamber of Petroleum consumers Ghana (COPEC) points to a marginal
increase in petroleum products prices from Sunday, May 1 2022.
The energy think tank in its statement said it expects petrol and diesel to be sold at GH¢ 9.538 and GH¢ 10.829 per litre respectively, bringing the average price of both products for the next window to GH¢10.183 a litre.
These upward adjustments follow the regular fuel price changes per window, international fuel prices, the applicable dollar-exchange rate and the taxes on fuel.
The said calculations were also based on the current average crude price of $ 104.56 per barrel, resulting in $ 1,057.44 per metric tonne for petrol, and $1,138.33 metric tonne for diesel on the International market.
Also, a key determinant in the projection is the exchange rate of 1$ to GH¢7.8165, and the government’s tax rebate of 15 GHz per litre is still in place.
Comparatively, the average price is going up by 19 GHp per little (1.94%) over that of the previous window, with petrol going up by 7 GHp a litre (0.7%) and diesel also being up by 32 GHp per litre (3%).
Percurrent standings COPEC is expecting these new ex-pump prices of fuel for the next pricing Window, from May 1-15, 2022.
In the meantime, Liquified Petroleum Gas (LPG) is likely to be sold at about GHȼ10.093/kg showing a reduction of about 21 GHz (2%) over that of the previous window.
“Considering no sudden jerks in crude oil pricing, which could lead to changes in petrol and diesel prices on the international market, then the ex-pump prices are expected to be within the projected figures as above for the next window”, COPEC said in its statement.
