“Although the dollar exchange rate saw a slight increase from GHS12.4697 to GHS12.8650 (3.17%) per $1, considering the CBOD rate at about $1=GHS14.00, the following outlines the expected retail figures for petroleum. Outputs from calculations by technical and pricing team for the 1st price window of March under National Petroleum Authority’s price deregulation programme.
“With the international price decreasing from $878.41/MT to $849.25/MT (-3.32%), the retail price works out to GHS13.66/L. Hence petrol retail prices are expected to decrease by 3.73% from the current average value of GHS14.20/LCOPEC said in a statement on February 27, 2023.
It further states “With the international price decreasing from $854.00/MT to $809.38/MT (-5.22%) and the increase in the dollar rate, the expected average retail price for the next window is GHS13.98/L. Thus, diesel prices are expected to decrease by 4.04% from the current average value of GHS14.57/L.
Below is COPEC’s full statement
Chamber of Petroleum Consumers
Fuel prices set to drop – first window March
Following the basic assumptions, that; Both petrol and diesel prices eased marginally during the period, while crude fell from a low of $82.99/barrel to $82.48/barrel (-0.61%).
Although the dollar exchange rate saw a slight increase from GHS12.4697 to GHS12.8650 (3.17%) per $1, considering the CBOD rate at about $1=GHS14.00, the following outlines the expected retail figures for petroleum. Outputs from calculations by the technical and pricing team, for the March 1st price window under the National Petroleum Authority’s price deregulation program, which begins on Wednesday, 1 March 2023. All underestimated forecasts (+/- 5%).
With the international price decreasing from $878.41/MT to $849.25/MT (-3.32%), the retail price works out to GHS13.66/L.
Petrol retail prices are therefore expected to decrease by 3.73% from the current average value of GHS14.20/L.
With the international price decreasing from $854.00/MT to $809.38/MT (-5.22%) and the increase in the dollar rate, the expected average retail price for the next window is GHS13.98/L.
Thus, diesel prices are expected to decrease by 4.04% from the current average value of GHS14.57/L.
Average price of petrol and diesel
Average price of petrol and diesel is 13.82/L.
The projected retail price of LPG is expected to increase by about 4.36% from the current average of 13.86/kg to GHS14.46/kg with the international price increasing from $699.45/MT to $702.50/MT (4.94%).
These expected declines in prices, the second ongoing since the second price window of February 2023, have nothing to do with the much-touted Gold for Oil program as these moves are merely a derivative of market forces during this period, we are still waiting for the two commodity cuts brought in this month to ease the pain for petroleum consumers.
Advice on use of LPG.
The current high retail prices of LPG have contributed to a reduction in consumption by an average of 12% per annum in 2022,
It would be prudent for the authorities to take a second look at the factors contributing to the high prices of commodities that Ghana has huge commercial volumes to ensure price stability or decline to ever achieve and continuously promote the government’s 50% penetration target. Its use keeping in mind the overall environmental promotion.
