The Chamber of Petroleum Consumers (COPEC) forecasts that the cost of gasoline and diesel at the pump would likely decrease by between 10% and 12% starting on Wednesday, November 16, 2022.
The Chamber predicted that gasoline prices will likely decrease from the current average rate of GH17.42 per litre to GH16.07 per litre in its estimates for the November 2022 Second Pricing Window.
Diesel prices would decrease from their current average of GH23.43 to GH20.25 per litre, according to the Chamber.
It explained the anticipated fall as being caused by a decline in petroleum product prices on the world market.
According to the report, “Crude pricing benchmarks have registered an increase of between $4 and $5/bbl from $91.86/barrel to $96.26/barrel while prices of petrol and diesel have both shown relative stability and fall, respectively.”
The Chamber, however, anticipated an increase in Liquefied Petroleum Gas (LPG) prices in response to an increase in LGP rates on the global market.
The review, which was signed by Mr. Duncan Amoah, Executive Secretary, COPEC, stated that “international benchmarks for LPG have seen an increase of about $32 from $598.27 to $630.56, which could be expected to lead to an increase in retail price on current retail averages of 12.10/kg to a likely retail price of 13.51/kg.”
Analysts attribute the constant rise in fuel prices, which have increased by at least 225% since the year began, to the unstable prices of crude oil and finished petroleum products on the global market as well as the Cedi’s ongoing depreciation against the dollar.
At the local gas stations, gasoline and diesel were selling for an average of GH6.9 and GH7.0 per litre, respectively, in January of this year.
Source: newsthemegh.com