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Business News of Monday, 3 January 2022

Source: www.ghanaweb.com

Ex-pump price of petrol to increase by 3.7 percent in January – COPEC

Chamber of Petroleum Consumers Chamber of Petroleum Consumers

Ex-pump price of diesel to increase by 2.5 percent

Prices to increase by at least 34 pesewas should govt suspend zero PSRL

OMC can choose to sell below ex-pump price, COPEC


COPEC has said Ghanaians should expect ex-pump price of petrol to increase by 3.7 percent this month.

A statement by COPEC (Chamber of Petroleum Consumers) has said the ex-pump price of diesel is also expected to surge by 2.5 percent

“The ex-pump prices of petrol and diesel are expected to surge by 3.7% and 2.5% respectively. In nominal terms, ex-pump prices of petrol and diesel are expected to increase by 24 pesewas and 17 pesewas respectively,” the statement said.

It added that the expected increase in prices will happen only when Bulk Distribution Companies (BDCs) factor in the increase in their supplier’s premium in their pricing and Oil Marketing Companies (OMCs) also passed on all the increase in their marketers’ (Dealers’ inclusive) margins to consumers.

COPEC said since the ex-pump price of the two petroleum products in nominal terms increased by 20 pesewas representing 3.1%., Oil Marketing Companies could increase their price by less than 20 pesewas due to competition.

“If the government suspends the zeroing of the PSRL (Price Stabilisation and Recovery Levies) on diesel, petrol and LPG, then ex-pump prices could surge by at least 34 pesewas,” COPC noted

Ex-pump price is the price charged for refined petroleum products by OMCs like the Ghana Oil Company Limited (GOIL) at their various stations.

It is a “would be” price, that is OMCs are liberty to charge below the ex-pump price to make them relatively more attractive to consumers to mark more profit.

Read full statement