he Chamber of Petroleum Consumers Ghana (COPEC) has predicted that diesel may cross the GH¢10 per litre mark.
It added that petrol will cross GH¢9 from Wednesday, March 16, 2022.
COPEC attributed its prediction on the rising cost of crude on the international market and the cedi which is currently depreciating among major trading currencies.
In a statement, it noted that the Free On Board prices of petrol increased by 19.28% from $917.48/MT to 1094.33/MT, diesel by 34.57% from $845.50/MT to $1137.78/MT and LPG by 17.42% from $845.93/MT to $993.25/MT between the first pricing window (1st-15th March 2022) and the second window (16th -31st March 2022).
“The petroleum price indicators as published by the NPA shows that the price of Gasoil (diesel) will increase by 30.41% from GH¢8.22 per litre in this current window to Gh¢10.721 per litre beginning 16th March 2022 and ex-pump prices of Gasoline (petrol) will increase by 18.25% from GH¢8.22 per litre to GH¢727 per litre within the same period.”
COPEC has also noted that the cedi has seen a sharp depreciation against the dollar by 9.71% from GHS6.8360 to GHS7.500 to a dollar.
In addition, COPEC has said the ex-pump prices of LPG will also increase by 23% from GHS 9.8 per kg in this current window to GH¢12.04 per kg in the next window beginning March 16, 2022.
“This implies that a 14.5kg will be sold at Ghc174.58,” COPEC added.
Prices of fuel have gone up at the pumps across the country because the Price Stabilization and Energy Recovery levy, which is a key component of the fuel price build-up, has been restored by the National Petroleum Authority (NPA) after it was suspended for about three months.
The levy was suspended last year as a means of reducing the burden on consumers.
Already, COPEC has called for the withdrawal of the levy and has now urged the government to adopt the dual pricing module to stabilise fuel prices and the accompanying economic difficulties.
Read full statement below:
| FX Rate (Commercial Banks Average)(USD/GHS) | 6.8360 | 7.1790 (7.5000*) | 5.02% (9.71%) |
| Crude Oil (USD/BBL) | 99.87 | 121.08 | 21.24% |
| Petrol (USD/MT) | 917.48 | 1094.33 | 19.28% |
| Gasoil (USD/MT) | 845.50 | 1137.78 | 34.57% |
| LPG (USD/MT) | 845.93 | 993.25 | 17.42% |
Source: NPA, 2022 * BDC market forward rate Pump price expectations for the 2nd window of March, 2022The petroleum price indicators as published by the NPA shows that the price of Gasoil (diesel) will increase by 30.41% from Ghc8.22 per litre in this current window to Ghc10.721 per litre beginning 16thMarch, 2022 and ex-pump prices of Gasoline (petrol) will increase by 18.25% from Ghc8.22 per litre to Ghc9.727 per litre within the same period. The ex-pump prices of diesel and petrol could increase by 24.33% averagely from Ghc8.22 per litre in this current window to Ghc10.22 per litre beginning 16th March, 2022 for these two products. This means that a gallon of fuel will move from ghc37/gallon to Ghc45.99 beginning Wednesday, 16th March, 2022.
| Products | 1st Window of March (1st to 15th March, 2022) | 2nd Window of March (16th to 31th March, 2022) | Nominal | Percentage change |
| Diesel | Ghc8.22 per litre | Ghc10.72 per litre | Ghc2.5 per litre | 30.41% |
| Petrol | Ghc8.22 per litre | Ghc9.72 per litre | Ghc1.5 per litre | 18.25% |
| Average | Ghc8.22 per litre | Ghc10.22 per litre | Ghc2.00 | 24.33% |
Source: COPEC, 2022 The ex-pump prices of LPG will also increase by 23% from Ghc9.8 per kg in this current window to Ghc12.04 per kg in the next window beginning 16th March, 2022. This implies that a 14.5kg will be sold at Ghc174.58.
| Products | 1st Window of March (1st to 15th March, 2022) | 2nd Window of March (16th to 31th March, 2022) | Nominal | Percentage change |
| LPG | Ghc9.8 per kg | Ghc12.04 per kg | Ghc2.24 kg | 23.5% |
Source: COPEC, 2022
