Fuel Prices Drop At Pumps
The first pricing window of March 2023 has seen a decrease in prices of petroleum products at some pumps.
The reduction is, however, yet to reflect at various pumps.
This follows a reduction prediction by the Chamber of Petroleum Consumers (COPEC) on Monday, February 27, 2023.
Goil is now selling a litre of diesel at GHC 13.80 from GHC 14.90.
Petrol is also selling at GHC 13.80 per litre from GHC 14.50 at Goil.
According to COPEC, the reduction, among other things, is due to a fall in crude oil price on the international market from $82.99 per barrel to $82.48 per barrel (-0.61%).
The fall in pump prices is despite a marginal cedi depreciation against the dollar from GHS12.4697 to GHS12.8650 (3.17%).
In a press statement, COPEC said, “With the international price decreasing from $878.41/MT to $849.25/MT (-3.32%), the retail price works up to GHS13.66/L. Petrol Retail prices are therefore expected to drop by 3.73% from the current Mean value of GHS14.20/L.
“With the International price decreasing from $854.00/MT to $809.38/MT (-5.22%), and the increase in the Dollar rate, the expected mean retail price for the next window shall be GHS13.98/L. Thus, Diesel prices are therefore expected to drop by 4.04% from the current Mean value of GHS14.57/L. Mean Price of Petrol and Diesel. The Mean price of Petrol and Diesel shall be 13.82/L.”
Source: opemsuo.com/Hajara Fuseini