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The next set of pricing windows will see lower fuel prices, according to the Chamber of Petroleum Consumers Ghana (COPEC).
According to COPEC Ghana, gasoline would likely be sold for GH11.67 per litre instead of the current GH12.00.
In a few hours, the second pricing window for the month of May 2023 will start. According to early indicators, fuel prices at the pump nationwide are likely to decrease, according to a statement from COPEC.
It said, “The basic data that underpins forecasts for the upcoming window is as follows: Crude price has decreased from a mean price of $85.29 per barrel to $76.64 per barrel (-10.14%) The following are the anticipated retail statistics for petroleum products, even if the foreign currency rate or dollar exchange rate has somewhat fallen from an earlier average of GHS12.0060 to GHS11.9963 (0.08%) per $1; Diesel is GH11.51/L, and gasoline is GH11.67/L.
“Fuel prices in the first pricing window in May were fairly stable.”
The whole statement is below.
THE PETROLEUM CONSUMERS’ CHAMBERS
14 May 2023
REVIEW OF FUEL PRICES FOR MAY 2023’S SECOND WINDOW.
In a few hours, the second pricing window for the month of May 2023 will start, and early signs point to a drop in fuel product pump prices across the nation.
Projections for the upcoming window are based on the following fundamental data: Crude price has decreased from a mean price of $85.29/barrel to $76.64/barrel (-10.14%). The expected retail statistics for petroleum products are as follows, even if the exchange rate for dollars has marginally declined from an average of GHS12.0060 to GHS11.9963 (0.08%) per $1 during the past few months.
Current Mean Price for Petrol and Diesel is GHS11.67/L for Petrol and GHS11.51/L for Diesel.GHS11.59/L
GHS10.63/kg LPG
Therefore, it is anticipated that a 14.5 kg LPG cylinder will sell for GHS154.10 for the window.
Every prediction has a (5%) error margin.
Details about the window projections can be found below.
Petrol
The retail price comes to GHS11.67/L after the international price dropped from $868.14/MT to $795.31/MT (-8.19%).
Therefore, it is anticipated that the price of gasoline will fall by 4.94%* from its current Mean Market price of GHS12.28/L, closing the selling range between GHS11.09/L and GHS12.26/L within 5% of this forecast.
Diesel
The anticipated mean retail price for the following window will be GHS11.51/L due to the international benchmark prices dropping from $747.93/MT to $673.25/MT (-9.98%).
In order to sell between GHS10.93/L to GHS12.08/L within 5% of projection, diesel is anticipated to likewise decrease by roughly 6.53%* from the present Mean Market price of GHS12.31/L.
Average Gasoline and Diesel Prices
According to the numbers, the average price of gasoline and diesel for the upcoming window will be 11.59/L plus 5%.
LPG
The estimated retail price of LPG is anticipated to decrease by roughly 1.02% from the current average of 11.64/kg to GHS10.63/kg as a result of the worldwide benchmark prices falling from $522.77/MT to $452.75/MT (-13.39%).
LPG is therefore anticipated to be sold between GHS10.10/kg and GHS11.16/kg with a 5% inaccuracy.
However, the government is urged to make every effort to lower LPG taxes or to subsidize LPG prices in order to promote or encourage its widespread availability and usage, which will ultimately aid in environmental preservation.
Duncan Amoah.
Chief Executive.
By Owusu Boateng Quansah|Locotvgh.com