COPEC predicts marginal increase in fuel prices from May 1

The Chamber of Petroleum Consumers-Ghana (COPEC), says its projection for the next pricing window shows that prices of petroleum products will see a marginal increase from Sunday May 1, 2022.

In a statement, the energy think tank said it expects petrol and diesel to be sold at GH¢ 9.538 and GH¢ 10.829 per litre respectively, bringing the average price of both products for the next window to GH¢10.183 a litre.

These increases follow the regular fuel price changes per window, international fuel prices, the applicable dollar-exchange rate and the taxes on fuel.

The calculations were also based on the current average crude price of $ 104.56 per barrel, resulting in $ 1,057.44 per metric tonne for petrol, and $1,138.33 metric tonne for diesel on the International market.

Also playing a key role in the projection is the exchange rate of 1$ to GH¢7.8165, and the government’s tax rebate of 15 GHp per litre still in place.

Comparatively, the average price is going up by 19 GHp per litle (1.94%) over that of the previous window, with petrol going up by 7 GHp a litre (0.7%) and diesel also being up by 32 GHp per litre (3%).

COPEC is expecting these new ex-pump prices of fuel for the next pricing Window, from May 1-15, 2022.

In the meantime, Liquified Petroleum Gas (LPG) is likely to be sold at about GHȼ10.093/kg showing a reduction of about 21 GHp (2%) over 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”, COPEC said in its statement.