Saturday, 17 October

Petrol to sell at GH¢18; Diesel projected to GH¢22.42 per litre starting on October 1

Business
Fuel prices to hike up in October

The Chamber of Petroleum Consumers (COPEC) has projected fuel prices to rise next month.

The chamber anticipates petrol prices to go up from GH¢16.9 to GH¢17.78 per litre while diesel could increase from GH¢18.24 to GH¢22.42 per litre.

These projections were contained in a statement released by COPEC today.

"FOB price of petrol increased from $1251.07/MT to $1304.39/MT (4.26%). With a currency depreciation of about 1.20%, the retail price of petrol works up to Ghc17.78/L representing 5.21% increase of the current mean price of Ghc16.90/L. Thus, the retail price of Petrol is expected to be selling between GHS16.89/L and GHS18.67/L, within a ±5% range of COPEC's projection.

"The FOB price of diesel increased significantly from  12404.73//MT to $1524.22 (8.51%) and the cedi’s depreciation of 1.20%, the projected retail pump price for diesel in the next window shall work up to Ghc22.42/L representing a 22.91% increase of the current mean price of Ghc18.24/L. Thus, diesel is expected to sell within a range of Ghc19.40/L minimum to Ghc21.44/L maximum within a ±5% range of COPEC's projection."

In order to cushion consumers, COPEC appealed to government to "make it a priority to speedily facilitate the expansion works at the Tema Oil Refinery (TOR) to move from the current 45,000 barrels per day refining capacity to 100,000 barrels per day".

"We believe this will go a long way in reducing our reliance on imported finished petroleum products.  Again, COPEC would like to  appeal to OMCs will to cushion consumers by shelving some of their margins in order not to overburden consumers in the face of these expected steep prices," the organization added.

Source: classfmonline.com