Petrol and diesel prices at the pump are expected to fall by 10 to 12% from Wednesday, November 16, 2022, the Chamber of Petroleum Consumers (COPEC) has predicted.

In its projections for the second November 2022 pricing window, the Chamber stated that gasoline prices are likely to increase from the current average rate of GH₵17.42 per litre to GH₵16.07 per litre.

Diesel, on the other hand, would rise from its current average rate of GH₵23.43 to GH₵20.25 per litre, the Chamber said. It attributed the expected decline to lower prices for petroleum products on the international market.

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“Benchmark crude prices have seen an increase of between $4 and $5 per barrel, from $91.86 per barrel to $96.26 per barrel, while gasoline and diesel prices have both seen relative stability and decline respectively,” he said.

However, the Chamber has forecast an increase in liquefied petroleum gas (LPG) prices as a result of an increase in LGP rates on the international market.

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“International benchmarks for LPG have seen an increase of approximately $32, from $598.27 to $630.56, which could result in an increase in retail price on current averages of 12.10/kg to a likely retail price of $13.51/kg,” says the review, signed by Mr. Duncan Amoah, Executive Secretary of COPEC.

Fuel prices have climbed at least 225 percent since the start of the year, with analysts attributing the continued rise to the cedi’s persistent decline against the dollar and volatile rates on crude and finished petroleum products on the international market. In January of this year, petrol and diesel were trading at an average of 6.9 and 7.0 GH per litre respectively at local pumps.

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