Prices of petrol, diesel & LPG to fall marginally - COPEC

Evans Effah 11:56 - 15 May 2023

A pump attendant fills a car with fuel at the OlA petrol station, following country wide price hikes on March 15, 2022, in Nairobi. (Photo by SIMON MAINA/AFP via Getty Images)

Diesel, petrol and LPG are expected to sell at ¢12.30, ¢12.15 and ¢12.12 respectively.

The fall is down to a tumble in the price of crude oil on the international market.

The relative stability of the Ghana cedi against international currencies of trade, especially the US dollar, also played a role.

COPEC projects petrol to sell at GH¢11.67 per litre at the pumps while diesel sells at GH¢11.51 per litre.

The ex-pump price for petrol is currently GH¢12.00

COPEC, in a statement, said "indications are that pump prices are likely to decline for fuel products across the country".

“The following basic information forms the basis of projections for the coming window: crude price has seen a decline from the mean price of $85.29/barrel to $76.64/barrel (-10.14%) while the forex or dollar exchange rate has slightly decreased from a previous average of GHS12.0060 to GHS11.9963 (0.08%) per $1".

COPEC added: "The following shall be the predicted retail figures for petroleum products; petrol – GH¢11.67/L, diesel GH¢11.51/L".

It said the prices of fuel were fairly stable in the first pricing window of May 2023.