Fuel prices predicted to rise again days after transport fare increment: See prices

• Petrol could rise to GH¢17.78 and diesel to GH¢22.42 from October 1.

• The projection comes days after transport fares increased by 8%.

• COPEC blamed higher global oil prices and cedi depreciation.

The Chamber of Petroleum Consumers (COPEC) has projected a 5.21% increase in petrol prices and a 22.91% rise in diesel prices for the first pricing window of October.

If the projection materialises, the average price of petrol is expected to rise from GH¢16.90 to GH¢17.78 per litre, while diesel could increase from GH¢18.24 to GH¢22.42 per litre.

LPG prices are also expected to remain elevated, with COPEC projecting an average price of GH¢15.68 per kilogramme.

Also Read: Gov’t to introduce Ayalolo buses during peak hours from Tuesday as new transport measure begins; Full guide for commuters

The projected fuel price increases come days after commercial transport fares were increased by 8% nationwide.

The new fares took effect on Saturday, September 26, following negotiations between the government and transport operators, including the Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council (GRTCC).

The increase affects fares for trotros, shared taxis and other forms of commercial road transport.

Also Read: GPRTU warns transport fares may go up again amid rising fuel prices

The latest fuel price projections could therefore put further pressure on transport operators and passengers, particularly if the increases are reflected at fuel stations from October 1.

COPEC attributed the projected increases to movements in global oil prices, the exchange rate and international fuel prices.

According to the chamber, the price of crude oil increased from about US$103.07 to US$124 per barrel during the period under review.

Also Read: Fuel prices in Ghana rise again: See new petrol, diesel and LPG prices

The cedi also depreciated by about 1.20% against the US dollar, with the average interbank rate moving from GH¢11.4830 to GH¢11.6211 to the dollar.

Petrol's free-on-board price increased by 4.26%, from US$1,251.07 to US$1,304.39 per metric tonne, while diesel rose by 8.51%, from US$1,404.73 to US$1,524.22 per metric tonne.

COPEC projects petrol could sell between GH¢16.89 and GH¢18.67 per litre, while diesel could range from GH¢19.40 to GH¢21.44 per litre.

Also Read: Fuel prices to rise from September 16 as NPA raises petrol, diesel and LPG price floors: See latest prices

For LPG, the projected range is GH¢14.89 to GH¢16.48 per kilogramme.

COPEC has appealed to Oil Marketing Companies to consider absorbing part of the increases by reducing their margins.

The chamber also called for continued domestic crude supply to local refineries and urged the expansion of the Tema Oil Refinery's capacity from 45,000 barrels per day to 100,000 barrels per day, arguing that this could help reduce Ghana's reliance on imported finished petroleum products.