The Chamber of Petroleum Consumers has projected that prices of some petroleum products may experience an upward adjustment from May 1, 2022, whiles prices of LPG is expected to go reduce.
COPEC explained that due to the current average price of crude oil of $104.56 per barrel, resulting in $1,057.44 per metric tonne for petrol and $1,138.33 per metric tonne for diesel on the International market, coupled with the exchange rate of $1:¢7.8165 and the government’s tax rebate of 15 pesewas per litre still in place, it is expecting the ex-pump prices of fuel for the next pricing Window, from 1st – 15th May 2022 to go up.
It however projects that petrol may sell at ¢9.538 per liter, about 0.4% increase, whilst diesel will go for ¢10.829 per liter (3% increase) for the next pricing window.
Liquefied Petroleum Gas (LPG) on the other hand is likely to be sold at about ȼ10.093 per kilogramme, an indication of a reduction of about 21 pesewas (2%) from 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”, it further said.
Meanwhile, COPEC acknowledges that these increases are basically due to the fallen dollar exchange rate and increase in prices of finished products (petrol and diesel) on the international market despite the fallen crude price.
However, oil and gas expert Kwame Jantuah has noted that the revitalization of TOR will help address Ghana’s fuel challenges.