Diesel to sell beyond GH₵ 10 per litre – COPEC

The Chamber of Petroleum Consumers of Ghana (COPEC) has predicted that diesel would sell for more than GH₵ 10 per litre, while petrol would hit GH₵ 9.

COPEC attributed the fuel price hikes to rising crude prices on the international market due to supply challenges and the cedi’s current depreciation that has seen a 14% loss of value to the dollar this year.

It said in a statement that between the first pricing window (1st-15th March 2022) and the second window (16-31th March 2022), free onboard prices of petrol increased by 19.28 per cent from $917.48/MT to 1094.33/MT, diesel by 34.57 per cent from $845.50/MT to $1137.78/MT, and LPG by 17.42 per cent from $845.93/MT to $993.25/MT.

The energy think tank added that: “The petroleum price indicators as published by the National Petroleum Authority (NPA) shows that the price of Gasoil (diesel) will increase by 30.41% from GH¢8.22 per litre in this current window to Gh¢10.721 per litre beginning 16th March 2022 and ex-pump prices of Gasoline (petrol) will increase by 18.25% from GH¢8.22 per litre to GH¢727 per litre within the same period.”

The cedi has also depreciated sharply against the dollar, falling 9.71 per cent from GHS6.8360 to GHS7.500 per dollar, according to COPEC.

COPEC also announced that ex-pump LPG prices would rise by 23% from GHS 9.8 per kg in the current window to GHS 12.04 per kg in the next window beginning March 16, 2022.

“This implies that a 14.5kg will be sold at Ghc174.58,” COPEC added.

Because the NPA restored the Price Stabilization and Energy Recovery levy, which is a crucial component of the fuel price build-up after it was suspended for approximately three months, fuel prices have gone up at the pumps across the country.

The levy was suspended last year to reduce the burden on consumers.

Already, COPEC has called for the withdrawal of the levy and has now urged the government to adopt the dual pricing module to stabilise fuel prices and the accompanying economic difficulties.