The Chamber of Petroleum Consumers (COPEC) forecasts that starting on Monday, October 16, 2023, gas prices will drop at stations around the nation.
In a statement released on Friday, COPEC’s executive secretary, Duncan Amoah, attributed the predicted decline in fuel prices to both a sharp decline in the costs of goods sold on the global market and the apparent strengthening of the cedi versus the US dollar.
Currently, the average cost of a litre of gasoline in Ghana is GH12.63, while the cost of a litre of diesel is GH13.40.
According to COPEC, starting with the second pricing window of October, which starts on Monday, October 16, 2023, gasoline prices may drop to GH12.098 per liter and diesel prices may soar to GH12.694 per liter.
The National Petroleum Authority’s price deregulation initiative on petroleum pricing is scheduled to start on Monday, October 16, with the second pricing window for the month 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,” COPEC said in its statement.
READ THE ENTIRE STATEMENT ABOVE
Accra Chamber of Petroleum Consumers 14 October 2023
FUEL PRICES ARE SCHEDULED TO DECLINE AT PUMPS NATIONWIDE
The National Petroleum Authority’s price deregulation initiative on petroleum pricing is expected to start on Monday, October 16, with the second pricing window for the month of October.
Price hints based on global price changes and the FX performance over the last fortnight lead to some slight price drops at the pumps for the upcoming window, which is supported by CBOD’s petroleum pricing projection.
Projections for the Window are built around the figures below.
A. Pricing in other countries
- Crude 92.70 (-2.27%)
- Gasoline $848.3 per MT (-13.16%).
- Diesel $829.36 per MT (-16.48%)
- LPG ..$530.64/MT (-9.67%)
According to trading benchmarks, petroleum prices have therefore typically seen a large decline on the global market.
B. Exchange rate
The dollar exchange rate increased by 1.44% to GHS12.10/$ at the closing of business.
Projections, C
- Gasoline. GHS12.098/L
to be selling within 5% of COPEC’s projections at prices between GHS11.49 and GHS12.70 per liter.
(The Mean Price on the Current Market Is GHS12.63/L)
Mean% decline anticipated (3.73%)
- GHS12.147/kg LPG
to be selling within 5% of COPEC’s prediction, between GHS11.54/L and GHS12.75/kg.
(Average Price as of Today: GHS13.40/L)
Signed.
The executive secretary is Duncan Amoah.
Source: Ghana360news.com
