Fuel Prices To Drop By 5% From October 16 – COPEC

The Chamber of Petroleum Consumers (COPEC) has predicted that fuel prices are likely to reduce at the pumps from Monday, October 16, 2023.  Currently, petrol sells at an average price of GH¢12.63 per litre while diesel goes for GH¢13.40 per litre.

Executive Secretary of COPEC, Duncan Amoah, in a statement issued on October 13, attributed the anticipated drop to a significant drop in the prices of the fuel on the international market as well as the seeming appreciation of the cedi against the US dollar.

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“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 said.

He added, “The second pricing window for October under the National Petroleum Authority’s price deregulation programme on petroleum pricing is set to commence from Monday the 16th of October”.

HERE IS 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 October under the National Petroleum Authority’s price deregulation programme on petroleum pricing is set to commence on 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.

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A. International Pricing

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 in 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 C OPEC’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.