Petrol and Diesel prices drops to 9% and 4% respectively

The Chamber of Petroleum Consumers (COPEC) has projected a reduction in the prices of petrol and diesel at the pumps beginning Thursday, December 1, 2022.

According to COPEC, the marginal reduction is due to the drop of crude price from US96.26 per barrel to US$ 89.05 per barrel on the international market.

Owing to this, COPEC is projection that Petrol will drop by 9.52% from the current price of GHC 16.31 per litre in the next window whiles diesel on the other hand will drop by 4.55% from the current price of GHC 20 per litre at the pump.

It also added that with the international price reducing from $1,097.35/MT to $969.70/MT (-11.63%), the expected mean retail price for the next window shall be GHS19.09/L.

“We further admonish, authorities to find a lasting solution to the currency situation whiles fixing the crippling challenges confronting the tema oil refinery ( TOR )which has at present rendered it idle and unproductive whiles working to reposition the Bulk Storage and Transportation ( BOST ) to serve its core mandate,” it said in a statement signed by Duncan Amoah, the Executive Secretary of COPEC.

Below is the full projection by COPEC

COPEC’s Projection for the next window beginning 1 Dec 2022

With the following basic info that; Crude price has dropped from $96.26/barrel to $89.05/barrel (-7.49%) and the Dollar rate (GOVT) also increasing slightly from GHS14.4972 to GHS14.9600 (3.19%) per $1 and maintaining the CBOD rate of $1=GHS17.5, the following shall be the predicted retail figures for Petroleum products from the offices of COPEC.

Petrol

With the international price decreasing from $969.08/MT to $838.78/MT (-13.45%), the retail price works up to GHS14.76/L

Retail Petrol prices are therefore expected to drop by 9.52% from the current Mean value of GHS16.31/L

Diesel

With the International price reducing from $1,097.35/MT to $969.70/MT (-11.63%), the expected mean retail price for the next window shall be *GHS19.09/L*

Thus, Diesel prices are therefore expected to drop by 4.55% from the current Mean value of GHS20.00/L

*LPG*petrol

With the international price decreasing slightly from $630.56/MT to $618.20/MT (-1.96%) the projected retail price of LPG is expected to decrease by about 0.23% to GHS15.27/kg.

We further admonish, authorities to find a lasting solution to the currency situation whiles fixing the crippling challenges confronting the tema oil refinery ( TOR )which has at present rendered it idle and unproductive whiles working to reposition the Bulk Storage and Transportation ( BOST ) to serve its core mandate.

Attempts at quick fixes such as sending appointees to go in search of cheaper fuel and the proposed barter of our gold resources for oil are clearly not the fixes required to stem the tide.

Signed

Duncan Amoah

Executive Secretary