Fuel prices to go up by about 5.7% on August 16 – COPEC

The Chamber of Petroleum Consumers (COPEC) has announced fuel prices will see an increase of about 5.7% in the second pricing window of August.

The projected retail prices of petroleum products are: Petrol – GH₵12.97/L, Diesel – GH₵13.43/L.

The Mean (average) Price for Petrol and Diesel are expected at GH₵13.20/L, LPG -GH₵12.30/kg respectively. A 14.5 kg LPG cylinder, is expected to be selling at GH₵178.36 within the window.

“All Pump Prices are expected to be within (±5%) error margin of COPEC’s prediction.”

The change in the prices is expected to reflect on Wednesday, August 16, 2023.

A statement signed by the Executive Secretary, Duncan Amoah noted that “Indications are that pump prices of Petrol and Diesel are likely to increase averagely by about 5.7% over the current mean price of GH₵12.45/L across the country whilst LPG prices increase by about 11.9%.”

The release explained that the change is as a result of prices of finished products on the international market shooting up averagely around 11% for both petrol and diesel.

It added that Crude price has also been increased by 6.79% from the mean price of $80.67/barrel to $86.15/barrel even though the forex or Dollar exchange rate has relatively decreased from a previous average of GH₵11.7185 to GH ₵11.4538 (-2.26%) per $1.

Find below details of the projections for the window:

Petrol

With the international price increasing from $898.55/MT to $965.58/MT (7.46%), the retail price works up to GH₵12.97/L

Thus, Petrol is expected to increase by 4.37% of the current mean Pump retail price of GH₵12.40/L, to close selling between GH₵12.32/L and GH₵13.62/L within ±5% of COPEC’s prediction.

Diesel

With the International benchmark prices increasing from $786.73/MT to $902.15/MT (14.67%), the expected mean retail pump price for the next window  shall be GH₵13.43/L

Thus, Diesel is expected to increase by about 7.0% of the current Mean Pump retail price of GH₵12.49/L to be selling between GH₵12.76/L and GH₵14.10/L within ±5% of COPEC’s projection.

Mean Price of Petrol and Diesel

The Mean price of Petrol and Diesel for the coming window per the numbers shall be 13.20/L with mean pump retail price range of GH₵12.54/L and GH₵13.86/L, within ±5% of COPEC’s prediction.

LPG

With the international benchmark price increasing from $423.75/MT to $547.79/MT (29.27%) the projected retail price of LPG is expected to be selling averagely at GH₵12.30/kg.

Thus, within ±5% error, LPG is expected to be sold between GH₵11.69/kg and GH₵12.92/kg