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COPEC predicts fuel prices to rise by approximately 5.7% on August 16
The Chamber of Petroleum Consumers (COPEC) has announced that fuel prices in Ghana are expected to increase by about 5.7% on August 16, 2023. According to the projection, the price of petrol is expected to be GH₵12.97 per liter, and diesel is expected to cost GH₵13.43 per liter.
The mean (average) price for gasoline and diesel is anticipated to be GHC 13.20 per liter and GHC 12.30 per kilogram, respectively. Additionally, within this period, a 14.5 kg LPG cylinder is expected to sell for GH₵178.36.
COPEC’s announcement is based on global market trends, where finished product prices for both gasoline and diesel have increased by an average of 11%. The price of crude oil has also risen by 6.79%, going from a mean price of $80.67 per barrel to $86.15 per barrel. However, the foreign exchange rate has decreased from an average of GH₵11.7185 to GH₵11.4538 (-2.26%) per $1.
Here are the projections for fuel prices in Ghana during this period:
Petrol:
International price rise from $898.55/MT to $965.58/MT (7.46%), leading to a retail price of GH₵12.97 per liter.
Expected gasoline increase by 4.37% from the current mean pump retail price of GH₵12.40 per liter, to be sold between GH₵12.32 and GH₵13.62 per liter within ±5% of COPEC’s prediction.
Diesel:
International benchmark prices increase from $786.73/MT to $902.15/MT (14.67%).
Expected diesel increase by about 7.0% of the current mean pump retail price of GH₵12.49 per liter, to be sold between GH₵12.76 and GH₵14.10 per liter within ±5% of COPEC’s projection.
Mean Price of Petrol and Diesel:
Mean price for the coming period is projected to be GHC 13.20 per liter, with a mean pump retail price range of GH₵12.54 and GH₵13.86 per liter within ±5% of COPEC’s prediction.
LPG:
International benchmark price increase from $423.75/MT to $547.79/MT (29.27%).
Projected retail price of LPG expected to be sold at an average of GH₵12.30 per kilogram.
LPG is expected to be sold between GH₵11.69 and GH₵12.92 per kilogram within ±5% error.
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