Prices of petrol to go up by 2%, diesel to drop by 5.6% – COPEC

The Chamber of Petroleum Consumers (COPEC) has projected that the price of petrol may increase by 2 percent in the next pricing window that starts from April 16, 2023.

According to COPEC, the projection is based on the increase in international benchmark pricing from $772.75 per metric tonne to $900.20 per metric tonne indicating a 16.49% rise, the retail price works up to GH¢12.41 per liter.

A statement issued from COPEC and sighted by GhanaWeb Business explained that the “Price of petrol at the retail pumps is therefore expected to increase by an average of 2.01% from the current mean value of GH¢12.16 per liter.”

In that light, petrol is expected to be sold between GH¢11.79 liter and GH¢13.03 per liter.

However, diesel prices are expected to drop by -5.58% from the current value of GH¢12.71 per liter to between GH¢11.40 and GH¢12.60 per liter.

For LPG, COPEC noted that the international price has slightly increased from $530.10 per metric tonne to $535.45 per metric tonne, representing 1.01%.

“Taking into cognizance a decline in the forex rate for the period, the projected retail price of LPG will be expected to decrease by about -4.74% from the current industry retail average of 12.04 per kilogram to GHS11.47 per kilogram due to the drop in the dollar rate,” the statement from COPEC said.

By this, LPG is expected to be sold between GH¢10.90 per kilogram and GH¢12.04 per kilogram when the new pricing window takes effect.

“Knowing that, LPG consumption generally dropped by 12% in 2022, we entreat the Government to consider easing the numerous taxes on LPG or to even consider a subsidy programme on the price of LPG with the view to promoting and increasing its usage and to eventually help save the environment,” it added.