Fuel prices are expected to decrease nationwide starting from Monday, October 16, 2023, according to the Chamber of Petroleum Consumers (COPEC).On Friday, October 13 2023, the Executive Secretary of COPEC, Duncan Amoah, issued a statement attributing the anticipated fuel price reduction to a significant drop in international product prices and the apparent strengthening of the cedi against the US dollar.

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As of now, the average price of petrol in Ghana is GH¢12.63 per liter, while diesel is priced at GH¢13.40 per liter.COPEC predicted that petrol prices may fall to GH¢12.098 per liter, and diesel prices could drop to GH¢12.694 per liter during the second pricing window of October, beginning Monday, October 16, 2023.

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

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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 stated.

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Meanwhile, the Authority has called upon the Bank of Ghana (BoG) to formulate a comprehensive foreign exchange policy aimed at addressing the persistent surge in petroleum prices within the country.This appeal from COPEC comes in the wake of a recent upswing in petroleum prices observed at fuel stations during the second pricing window, which commenced on August 1, 2023.

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Currently, several major Oil Marketing Companies are vending diesel XP and Super XP at GH¢12.95 each, an increase from the previous price of GH¢12.45.In an interview with the media,  the Executive Secretary of COPEC, Mr. Duncan Amoah, clarified that these price hikes can be attributed to the escalating petroleum costs in the global market.

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 To ensure pricing stability in the country, he underscored the necessity for the central bank to establish a clear foreign exchange policy that can fortify the value of the Ghanaian Cedi.Anticipating potential oil price hikes in the latter half of the year, COPEC urged the Bank of Ghana to take proactive measures in effectively managing currency fluctuations.Mr.

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Amoah also cautioned that if the combination of escalating global oil prices and currency instability persists in the latter half of the year, the prices of petroleum at the pumps could witness significant increases.

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READ THE FULL STATEMENT BELOWCHAMBER OF PETROLEUM CONSUMERSACCRA14/10/2023FUEL PRICES SET TO DECLINE ACROSS PUMPS COUNTRYWIDEThe second pricing window for the month of October under the National Petroleum Authority’s price deregulation programme on petroleum pricing is set to commence from Monday the 16th of October.

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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.The figures below form the basis of Projections for the Window.A. International PricingCrude 92.70 (-2.27%)Petrol .. $848.3/MT (-13.06%)Diesel .. $829.36/MT (-16.48%)LPG ..$530.64/MT (-9.

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67%)Thus, Petroleum prices generally have witnessed a significant drop on the international market according to the trading benchmarks.B. Forex rateThe exchange rate for the Dollar recorded an increase of 1.44% to close trading at GHS12.10/$C. ProjectionsPetrol.. GHS12.098/LTo be selling between GHS11.49/L and GHS12.70/L within ±5% of COPEC’s Projections(Current market Mean Price =GHS12.63/L)Expected Mean % drop (3.73%)Diesel..

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GHS12.694/LProjected 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%)LPG.. GHS12.147/kgTo be selling between GHS11.54/L and GHS12.75/kg within ±5% of COPEC’s Prediction.(Current Mean Price = GHS13.40/L)Signed.Duncan AmoahExecutive Secretary.

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