Fuel prices to drop in March – COPEC

The Chamber of Petroleum Consumers (COPEC) says fuel prices at the pumps will see a decline in the first window of March 2023.

It said prices of both petrol and diesel have all declined marginally within the period with Crude oil dropping from $82.99/barrel to $82.48/barrel (-0.61%)

Though the Dollar exchange rate has seen a slight increase from averages of GH¢12.4697 to GH¢12.8650 (3.17%) per $1, further considering the Chamber of Bulk Oil Distributors (CBOD) rate of about $1=GH¢14.00, the following shall form the predicted retail figures for Petroleum products from computations by the technical and pricing team, for the 1st pricing window of March under the price deregulation programme of the National Petroleum Authority.

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

The Mean price of Petrol and Diesel shall be 13.82/L.

With the international price increasing from $699.45/MT to $702.50/MT (4.94%) the projected retail price of LPG is expected to increase by about 4.36% from the current average of 13.86/kg to GHS14.46/kg.

These expected drops in prices for the second time running since the second pricing window of February 2023 does not have any correlation with the much touted Gold for Oil programme as these movements are simply a derivative of market forces at play within the period, we still await the reductions the two cargoes brought in this month will add to the relieving the suffering of the petroleum consumer.

source: myghanadaily