Fuel prices will fall in March, according to COPEC.
According to the Chamber of Petroleum Consumers (COPEC), fuel prices at the pump will fall in the first window of March 2023.
It stated that petrol and diesel prices had all fallen marginally during the period, with crude oil falling from $82.99/barrel to $82.48/barrel (-0.61%).
"Though the Dollar exchange rate has seen a slight increase from averages of GH¢12.4697 to GH¢12.8650 (3.17%) per $1, further considering the Chamber of Bulk Oil Distributors (CBOD) rate of about $1=GH¢14.00, the following shall form the predicted retail figures for Petroleum products from computations by the technical and pricing team, for the 1st pricing window of March under the price deregulation programme of the National Petroleum Authority.
ACCRA PETROLEUM CONSUMERS CHAMBER
27/02/2023
FUEL PRICES ARE SET TO FALL—FIRST WINDOW MARCH
According to the basic assumptions, petrol and diesel prices have all decreased marginally during the period, while the crude price has also decreased marginally from $82.99/barrel to $82.48/barrel (-0.61%).
Though the Dollar exchange rate has increased slightly from averages of GHS12.4697 to GHS12.8650 (3.17%) per $1, taking into account the CBOD rate of about $1=GHS14.00, the following shall form the predicted retail figures for Petroleum products from computations by the technical and pricing team, for the first pricing window of March under the National Petroleum Authority's price deregulation program,
Which window begins on Wednesday, March 1, 2023? All understated predictions are factored to be within (+/-)5% of the true value.
Petrol
The international price has dropped from $878.41/MT to $849.25/MT (-3.32%), bringing the retail price up to GHS13.66/L.
As a result, petrol retail prices are expected to fall by 3.73% from the current Mean value of GHS14.20/L.
Diesel
With the International price falling from $854.00/MT to $809.38/MT (-5.22%), and the Dollar rate increasing, the expected mean retail price for the next window is GHS13.98/L.
As a result, diesel prices are expected to fall by 4.04% from their current mean value of GHS14.57/L.
Petrol and diesel average prices
The average price of gasoline and diesel will be 13.82/L.
LPG
With the international price rising from $699.45/MT to $702.50/MT (4.94%), the projected retail price of LPG will rise by about 4.36% from 13.86/kg to GHS14.46/kg.
These expected price drops for the second time since the second pricing window of February 2023 have no correlation with the much-touted Gold for Oil program, as these movements are simply a derivative of market forces at work during the period, and we still await the reductions the two cargoes brought in this month will add to the relief of the petroleum consumer.
LPG consumption advice.
The current high retail prices of LPG have contributed to a 12% drop in consumption year on year in 2022.
It would be prudent if authorities took a second look at the factors contributing to high prices of a commodity that Ghana has in massive commercial quantities in order to ensure price stability or decline if the government's 50% penetration target is to be met, and to continuously promote its usage with overall environmental promotion in mind.
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