Fuel prices to increase marginally from Monday – COPEC
The Chamber of Petroleum Consumers (COPEC) is projecting that fuel prices could see some marginal rise in July’s first pricing window from Monday.
According to COPEC, consumers of fuel product are likely to pay a little more for fuel in the coming week despite the stability in prices this current window.
Speaking to Starr News the Executive Director of COPEC, Duncan Amoah in the second window of June, “we had numbers indicating that petrol and diesel prices could go up. Fortunately for us a number of OMCs decided to maintain prices.”
“The numbers we have in front of us for July are pointing to some 2.6% increase in petrol and 2.4% for diesel with LPG likely to be stable. As to whether they would factor what they could have done in the current window into the coming window, July will tell. But clearly, it is likely you will pay a little more for petrol and diesel next week,” Mr. Amoah added.
However, the Institute of Energy Security (IES) is projecting Petrol prices to be stable with LPG and Diesel prices reducing marginally mainly due to the fall in prices of some petroleum products.
“IES monitoring of prices petroleum products on the international fuel market for the second pricing window of June 2023 as published by Global Standard & Poor (S&P) Platt platform revealed closing prices for Gasoline, Gasoil and LPG as follows; $811.80, $709.84 and 306.25 per metric tonne respectively. This translated to a marginal price increment of 0.95% for Gasoline, and a decrease of 2.64%, 3.09% for Gasoil and LPG respectively in the second price-window of June 2023. Local Forex On the domestic forex market, the Ghana Cedi lost marginally in trade as against the U.S Dollar. At the start of the pricing-window, the Ghana Cedi traded at Gh¢11.81 compared to a closing rate of Gh¢11.85 posing a loss of 0.34% as monitored by IES Economic Desk monitoring of the domestic foreign exchange (Forex)”, a statement from IES says.
“The various changes in price of the commodities on the international fuel market is expected to affect local market prices in Ghana. For the first two weeks in July, following a price decrease of 2.64%, 3.09% for Gasoil and LPG, the IES projects; 1. Gasoil and LPG prices are set to reduce marginally. 2. Gasoline prices are expected to remain unchanged largely because the international Gasoline price increase and the Ghana Cedi depreciation is insignificant to cause a price increase in the first 2 weeks of July”, IES concludes.