The Chamber of Petroleum Consumers Ghana (COPEC) has announced that fuel prices are expected to decrease during the second pricing window of May 2023.
COPEC has attributed this projected decline to the decrease in crude oil prices on the international market and stable to slightly declining forex rates.
According to COPEC, petrol is expected to be sold at GH¢11.67 per litre, down from the current GH¢12.00. COPEC based its projections on the mean price of crude oil, which has declined from $85.29/barrel to $76.64/barrel, and a slight decrease in the forex rate from GHS12.0060 to GHS11.9963 per $1.
In a statement, COPEC said that “the second pricing window of the month of May 2023 is set to commence in a few hours from now, indications are that pump prices are likely to decline for fuel products across the country. Fuel prices in the first May pricing window were fairly stable.”
“The following basic information forms the basis of projections for the coming window, that; Crude price has seen a decline from the mean price of $85.29/barrel to $76.64/barrel (-10.14%) whiles the forex or Dollar exchange rate has slightly decreased from a previous average of GHS12.0060 to GHS11.9963 (0.08%) per $1, the following shall be the predicted retail figures for Petroleum products; Petrol – GH¢11.67/L, Diesel GH¢11.51/L,” COPEC added.
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Story by: Kelly Adjetey Boye | univers.ug.edu.gh
