Diesel prices projected to rise 22.91%, petrol 5.21% – COPEC

In a statement issued on Tuesday, September 29, and signed by its Executive Secretary, Duncan Amoah, COPEC said the expected increases are being driven largely by higher international petroleum prices and a marginal depreciation of the Ghana cedi against the US dollar.

COPEC projects the average retail price of petrol to increase from GH¢16.90 to GH¢17.78 per litre, while diesel is expected to rise from GH¢18.24 to GH¢22.42 per litre.

The Chamber also expects Liquefied Petroleum Gas (LPG) to increase to GH¢15.68 per kilogramme, following a 9.10% rise in its international Free on Board (FOB) price.

According to COPEC, the global crude oil price increased significantly from $103.07 to $124 per barrel during the pricing window. Over the same period, the cedi depreciated by about 1.20% against the US dollar, moving from an average interbank rate of GH¢11.4830 to GH¢11.6211.

For petrol, COPEC said the FOB price increased by 4.26%, from $1,251.07 to $1,304.39 per metric tonne. It expects petrol to sell between GH¢16.89 and GH¢18.67 per litre, within a ±5% range of its projection.

Diesel’s FOB price also rose from $1,404.73 to $1,524.22 per metric tonne, representing an 8.51% increase. COPEC projects pump prices to range between GH¢19.40 and GH¢21.44 per litre within the same margin.

For LPG, the international FOB price increased from $712.43 to $777.59 per metric tonne, prompting COPEC to project a retail price of GH¢15.68 per kilogramme. It expects the product to sell between GH¢14.89 and GH¢16.48 per kilogramme.

COPEC appealed to Oil Marketing Companies (OMCs) to absorb part of the anticipated increases by shelving some of their margins to reduce the burden on consumers.

The Chamber also commended the government for the continuous supply of crude oil to local refineries and called for an accelerated expansion of the Tema Oil Refinery (TOR).

It urged the government to increase TOR’s refining capacity from the current 45,000 barrels per day to 100,000 barrels per day, arguing that the expansion would help reduce Ghana’s reliance on imported finished petroleum products.