OMCs have overpriced fuel for first pricing window of January – COPEC

The Chamber of Petroleum Consumers (COPEC) has stated that oil marketing companies have overpriced fuel for the first pricing window of January 2023.

Detailing its projections and predictions for the first window, COPEC stated that fuel petrol should be sold at GH¢10.59 and diesel at GH¢12.84.

COPEC, therefore, calls for deepened investigations into the pricing regime used by OMCs as it noted that its projections were based on the dollar rate.

Chamber of Petroleum Consumers (COPEC).

COPEC’s Predictions:
(Window 1 of Dec. 23)

Petrol: 10.59
Diesel: 12.84
Mean Val: 11.72

Pump Prices of Some SELECTED OMCs
(As on 10 Jan. 2023)

1 Total
Petrol: 12.40 (17.11%)
Diesel: 14.60 (13.69%)
Mean: 13.50 (15.23%)

2. Shell
Petrol: 12.40 (17.11%)
Diesel: 14.60 (13.69%)
Mean: 13.50 (15.23%)

3. Goil
Petrol: 12.40 (17.11%)
Diesel: 14.60 (13.69%)
Mean: 13.50 (15.23%)

4. Allied
Petrol: 11.95 (12.86%)
Diesel: 13.95 (8.63%)
Mean: 12.95 (10.54%)

5. Petrosol
Petrol: 11.95 (12.86%)
Diesel: 14.48 (12.76%)
Mean: 13.22 (12.80%)

6. Puma
Petrol: 11.99 (13.24%)
Diesel: 13.99 (8.94%)
Mean: 12.99 (10.88%)

7. Frimps Oil
Petrol: 11.62 (9.74%)
Diesel: 14.42 (12.29%)
Mean: 13.02 (11.14%)

8. Star Oil
Petrol: 11.69 (10.40%)
Diesel: 13.99 (8.94%)
Mean: 12.84 (9.60%)

9. JP
Petrol: 11.89 (12.29%)
Diesel: 13.99 (8.94%)
Mean: 12.94 (10.45%)

10. Nick Pet
Petrol: 11.99 (13.24%)
Diesel: 14.50 (12.91%)
Mean: 13.25 (13.06%)

COPEC’s Predictions were based on the Dollar rate of $1=GHS10.295, as put across by NPA.

By the above, the OMCs have overpriced their Petrol and Diesel products within the window.

This calls for deeper investigations as to why the high Petroleum prices in the first window of January 2023.