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 gasoline 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 second pricing window for the month of October under the National Petroleum Authority’s price deregulation programme on petroleum pricing is set to commence from Monday the 16th 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 announced in its statement.
READ THE FULL STATEMENT BELOW
CHAMBER OF PETROLEUM CONSUMERS
ACCRA
14/10/2023
FUEL PRICES SET TO DECLINE ACROSS PUMPS COUNTRYWIDE
The second pricing window for the month of October under the National Petroleum Authority’s price deregulation programme on petroleum pricing is set to commence from Monday the 16th 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.
The figures below form the basis of Projections for the Window.
A. International Pricing
1. Crude 92.70 (-2.27%)
2. Petrol .. $848.3/MT (-13.06%)
3. Diesel .. $829.36/MT (-16.48%)
4. LPG ..$530.64/MT (-9.67%)
Thus, Petroleum prices generally have witnessed a significant drop on the international market according to the trading benchmarks.
B. Forex rate
The exchange rate for the Dollar recorded an increase of 1.44% to close trading at GHS12.10/$
C. Projections
1. Petrol.. GHS12.098/L
To be selling between GHS11.49/L and GHS12.70/L within ±5% of COPEC’s Projections
(Current market Mean Price =GHS12.63/L)
Expected Mean % drop (3.73%)
2. Diesel.. GHS12.694/L
Projected to be selling for between GHS12.06/L and GHS13.33/L within ±5% of COPEC’s Prediction.
(Current Mean Price = GHS13.40/L)
Expected Mean % drop (5.55%)
3. LPG.. GHS12.147/kg
To be selling between GHS11.54/L and GHS12.75/kg within ±5% of COPEC’s Prediction.
(Current Mean Price = GHS13.40/L)
Signed.
Duncan Amoah
Executive Secretary.
