Ghana: COPEC Projects Decrease in Fuel Prices

2 December 2022

The Chamber of Petroleum Consumers (COPEC) has projected a further decrease in fuel prices this month.

A statement issued by the Executive Secretary of COPEC, Duncan Amoah, in Accra yesterday and copied to the Ghanaian Times, said the international price of petrol had decreased by 13 .45 per cent from $969.08/MT to $838.78/MT.

That, he said, would bring retail price of fuel to GH¢14.76 litres.

"Crude price has dropped from $96.26/barrel to $89.05/barrel (-7.49 per cent) and the dollar rate also increasing slightly from GH¢14.4972 to GH¢14.9600 (3.19 per cent) 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," MrAmoah stated.

With regards to diesel, the Executive Secretary of COPEC, said prices were expected to reduce by 4.55 per cent from the current mean value of GH¢20.00 litres.

"With the International price reducing from $1,097.35/MT to $969.70/MT (-11.63 per cent), the expected mean retail price for the next window shall be GH¢19.09/L," MrAmoah stated.

The Executive Secretary of COPEC indicated that said "With the international price decreasing slightly from $630.56/MT to $618.20/MT (-1.96 per cent) the projected retail price of LPG is expected to decrease by about 0.23 per cent to GH¢15.27/kg."

Mr Amoah entreated government to find a lasting solution to the currency situation whiles fixing the crippling challenges confronting the Tema Oil Refinery which at present had been rendered idle and unproductive, whiles working to reposition the Bulk Storage and Transportation to serve its core mandate.

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

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