The Chamber of Petroleum Consumers Ghana (COPEC) is projecting a marginal decline in the prices of fuel in the first pricing window of June 2023.
COPEC attributes this projection to the relative stability of the forex rates although the international market benchmark prices of crude oil haven’t been that favorable.
The Chamber is further predicting that the price of Liquefied Petroleum Gas (LPG) is expected to decline by roughly 5% during the same period.
Duncan Amoah is the Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), told Citi Business News, “the first pricing window for June looks relatively stable although per our figures some OMCs may decline marginally on current pump prices”.
“This informed by a relative stability of some relative gains the cedi would have made within the period. International market benchmarks have not been good as witnessed in the past window,” he added.
As of May 29, 2023, the price of gasoline in Ghana stood at 13.2 Ghanaian cedis (GHS) per liter, corresponding to roughly 1.19 U.S. dollar.
This decreased from the prices in December 2022 but considerably increased compared to most of the previous weeks observed.
Since January 3, 2022, the price of gasoline in Ghana has increased by over 91 percent.
At some OMCs both petrol and diesel were selling at GHS 12.30 as at May 29, 2023.
