The Chamber of Petroleum Consumers (COPEC), in its latest checks ahead of the second oil pricing window in November, states that petrol and diesel prices are likely to decline while the price of Liquefied Petroleum Gas (LPG) is expected to move upwards.
A statement signed by General Secretary of COPEC, Duncan Amoah, said: “international benchmark for LPG has seen an increase of about $32 from $598.27 to $630.56”.
He said this “could be expected to lead to an increase in retail price on current retail averages of 12.10/kg to a likely retail price of 13.51/kg.”
This means that the price of petroleum will likely move downwards to GH¢16.07 per litre from the current average of GH¢17.42 per litre.
On the other hand, diesel could decline from the current average of GH¢23.43 per litre to an average of GH¢20.25 per litre.
However, liquefied petroleum gas is expected to rise from GH¢12.10 per kilogram to a likely retail price of GH¢13.51 per kilogram.
According to COPEC, the expected decline in the prices of petroleum and diesel is a result of a “stronger intervention by the Bank Of Ghana with specific emphasis on petroleum import and space through targeted forex auctions.”
The COPEC-Ghana Executive Secretary has reiterated the need to revamp the Tema Oil Refinery to complement the country’s energy demands.
Mr Amoah observed a fully functional refinery would cut the logistical cost, which adds to the price build-up by exporting crude to Europe to be refined before importing back to Ghana.
“We entreat the Bank of Ghana to not make this intervention in the forex supply a nine-day wonder but to step up efforts to guarantee the needed forex to particularly the petroleum importation market while reminding our leaders on the urgent need to fix and operationalise the currently idle Tema Oil Refinery to contribute its quota to the much-needed fuel security and stability of the cedi whiles encouraging a rethink of the strategic role originally assigned the Bulk Oil Storage and Transportation (BOST).”