Petrol Prices To Increase; While Diesel Prices To Drop; COPEC Announces -Check Out Expected Prices

Petrol Prices To Increase; While Diesel Prices To Drop; COPEC Announces -Check Out Expected Prices

The next pricing window, which begins on April 16, 2023, is expected to see a possible 2% increase in gasoline prices, according to the Chamber of Petroleum Consumers (COPEC).

The prediction, according to COPEC, is based on an increase in worldwide benchmark pricing from $772.75 per metric tonne to $900.20 per metric tonne, representing an increase of 16.49%. The retail price comes out to GH12.41 per liter.

A statement issued from COPEC explained that the “Price of petrol at the retail pumps is therefore expected to increase by an average of 2.01% from the current mean value of GH¢12.16 per liter.”

Accordingly, it is anticipated that gasoline will cost between GH11.79 and GH13.03 per liter.

However, from the current value of GH12.71 per liter to between GH11.40 and GH12.60 per liter, diesel prices are predicted to decrease by -5.58%.

According to COPEC, the worldwide price for LPG has climbed marginally, from $530.10 per metric ton to $535.45 per metric ton, or by 1.01%.

“Taking into cognizance a decline in the forex rate for the period, the projected retail price of LPG will be expected to decrease by about -4.74% from the current industry retail average of 12.04 per kilogram to GHS11.47 per kilogram due to the drop in the dollar rate,” the statement from COPEC said.

As a result, it is anticipated that LPG would be sold between Gh10.90 and Gh12.04 per kilogram when the new pricing window is implemented.

“Knowing that, LPG consumption generally dropped by 12% in 2022, we entreat the Government to consider easing the numerous taxes on LPG or to even consider a subsidy programme on the price of LPG with the view to promoting and increasing its usage and to eventually help save the environment,” it added.