The Chamber of Petroleum Consumers (COPEC) has forecasted a potential 5.7% increase in fuel prices during the upcoming second pricing window of August 2023, which is set to commence within the next 48 hours.

The current selling price of the product at fuel stations averages around GHC12.45 per liter.

According to COPEC, there will be an anticipated 11.9% rise in the price of LPG during the same timeframe.

The Chamber indicated that the projected retail prices for the various petroleum products will take effect on Wednesday, August 16, with petrol to be sold at GHC12.97 per liter, diesel GHC13.43 and the mean price for petrol and diesel GHC13.20 per liter while LPG will go for GHC12.30 kilogram.

The Executive Secretary of COPEC, Duncan Amoah in a statement said: “The Second pricing window of the month of August, 2023 is set to commence by the next 48 hours. 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 following basic information forms the basis of projections for the coming window, that; prices of finished products on the international market have shot up averagely around 11% for both petrol and diesel whiles Crude price has been increased by 6.79% from the mean price of $80.67/barrel to $86.15/barrel, even though the forex or Dollar exchance rate has relatively decreased from a previous average of GHS11.7185 to GHS11.4538 (-2.26%) per $1”.

Read below the full statement by COPEC

CHAMBER OF PETROLEUM CONSUMERS – (COPEC)ACCRA14 August 2023

FUEL PRICES SET TO GO UP BY ABOUT 5.7% FOR THE SECOND WINDOW OF AUGUST 2023.

The Second pricing window of the Month of August, 2023 is set to commence by the next 48 hours.

Indications are that pump prices of Petrol and Diesel are likely to increase averagely by about 5.7% over the current mean price of GHS12.45/L across the country whilst LPG prices increase by about 11.9%.

The following basic information forms the basis of projections for the coming window, that; prices of finished products on the international market has shot up averagely around 11% for both petrol and diesel whiles Crude price has been increased by 6.79% from the mean price of $80.67/barrel to $86.15/barrel, even though the forex or Dollar exchance rate has relatively decreased from a previous average of GHS11.7185 to GHS11.4538 (-2.26%) per $1.

The following shall likely be the projected retail figures for Petroleum products starting from Wednesday the 16th of August 2023.

Petrol .. GHS12.97/LDiesel .. GHS13.43/LThe Mean Price for Petrol and Diesel..GHS13.20/L

LPG.. GHS12.30/kg

Thus for a 14.5 kg LPG cylinder, is expected to be selling at GHS178.36 within the window.

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

Find below the details of the projections for the window.

PetrolWith the international price increasing from $898.55/MT to $965.58/MT (7.46%), the retail price works up to GHS12.97/L

Thus, Petrol is expected to increase by 4.37% of the current mean Pump retail price of GHS12.40/L, to close selling between GHS12.32/L and GHS13.62/L within ±5% of COPEC’s prediction.

DieselWith 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 GHS13.43/L

Thus, Diesel is expected to increase by about 7.0% of the current Mean Pump retail price of GHS12.49/L to be selling between GHS12.76/L and GHS14.10/L within ±5% of COPEC’s projection.

Mean Price of Petrol and DieselThe 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 GHS12.54/L and GHS13.86/L, within ±5% of COPEC’s prediction.

LPGWith 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 GHS12.30/kg.

Thus, within ±5% error, LPG is expected to be sold between GHS11.69/kg and GHS12.92/kg

Remarks:1. Government is still encouraged to do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote or encourage its nationwide accessibility and usage which will eventually help save the environment.

2. In addition, currently, the total taxes and levies is about 25% of the retail prices of Petrol and Diesel.

COPEC is by this advocating for reduction or to take off some of the fuel taxes to lessen the burden on consumers.

Signed.

Duncan Amoah.Executive Secretary.