Some Oil Marketing Companies(OMCs) have started increasing the prices of petroleum products at the pumps in the second pricing window of the month which started today, August 16, 2023.
A market leader like TotalEnergies has increased the price of petrol to ¢13.50 from ¢12.45.
Diesel is also going for ¢13.90 from the previous price of ¢12.45 which translates into a 11% increase from the first pricing window of August 2023.
The rest of the major OMCs are expected to also adjust prices by the close of business today.
The Chamber of Petroleum Consumers (COPEC) earlier announced that fuel prices will see an increase of about 5.7% and LPG to go up by 11% in the second pricing window of August.
A statement signed by the Executive Secretary, Duncan Amoah noted that the change is a result of prices of finished products on the international market shooting up an average of 11% for both petrol and diesel.
It added that Crude price has also been increased by 6.79% from the mean price of $80.67/barrel to $86.15/barrel even though the forex or Dollar exchange rate has relatively decreased from a previous average of GH₵11.7185 to GH ₵11.4538 (-2.26%) per $1.
On petrol, COPEC explained that with the international price increasing from $898.55/MT to $965.58/MT (7.46%), the retail price works up to GH₵12.97/L
Thus, Petrol is expected to increase by 4.37% of the current mean Pump retail price of GH₵12.40/L, to close selling between GH₵12.32/L and GH₵13.62/L within ±5% of COPEC’s prediction.
For diesel, it said with the international benchmark prices increasing from $786.73/MT to $902.15/MT (14.67%), the expected mean retail pump price for the next window shall be GH₵13.43/L
Thus, Diesel is expected to increase by about 7.0% of the current Mean Pump retail price of GH₵12.49/L to be selling between GH₵12.76/L and GH₵14.10/L within ±5% of COPEC’s projection.
With LPG, COPEC indicated that the international benchmark price increasing from $423.75/MT to $547.79/MT (29.27%) the projected retail price of LPG is expected to be selling at an average of about GH₵12.30/kg.
Thus, within ±5% error, LPG is expected to be sold between GH₵11.69/kg and GH₵12.92/kg