Fuel prices to decrease or increase - What industry players are saying

The Institute of Energy Security and the Chamber of Petroleum Consumers (COPEC) has predicted some marginal changes in the prices of petroleum products in the next pricing window.

According to COPEC, the prices of petrol and diesel may reduce slightly whiles the price of LPG increases from November 16, 2022.

A press statement issued on Tuesday and signed by the Executive Secretary of COPEC said the price of petrol is likely to reduce to ¢16.07 per litre.

“The international benchmarks saw a slight increase in price by less than $6/mt from $963.43 to $969.08, with a relative stability and availability of the forex to the petroleum importation market, retail prices could likely move downwards to ¢16.07/L from averages of 17.42/L,” the statement added.

The price is likely to be adjusted downwards to GH¢20.25.

“International price benchmarks have seen diesel prices decline by $123/mt from $1,220.82/mt to $1,097.35, the expected retail price average could decline from current averages of 23.43/L to averages of GH¢20.25/L.

“International benchmarks for LPG have seen an increase of about $32 from $598.27 to $630.56, this could be expected to lead to an increase in retail price on current retail averages of 12.10/kg to a likely retail price of 13.51/kg,” the statement added.

However, the Institute for Energy Security (IES) has projected an increase in the price of liquefied petroleum gas (LPG) on the local market by 4%.

A statement by the IES said, “As a result, the IES foresees some stability in the price of Gasoline domestically. In IES’ estimation, Gasoil’s price per litre may see a slight reduction in response to the 10.11% fall in international Gasoil price. The reduction is imminent should the bulk importers decide not to price in the recent forex losses they incurred.”

However, Oil Marketing Company, GOIL has reduced the prices of diesel and petrol as follows.

Below are GOIL’s new fuel prices:

NEW FUEL PRICES EFFECTIVE TUESDAY 15TH NOVEMBER 2022.

Super xp RON 95 – GH¢16.82 from GH¢17.99

Diesel xp – GH¢20.50 from GH¢23.49

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