The Chamber of Petroleum Consumers Ghana (COPEC) is projecting a decline in the prices of fuel in the second pricing window of May 2023.
COPEC’s projections indicate that the decline is a result of the decrease in the price of crude on the international market and stable to slightly declining forex rates.
Petrol is expected to be sold at GH¢11.67 per litre from the current GH¢12.00.
COPEC in a statement indicated that: “The second pricing window of the month of May 2023 is set to commence in a few hours from now, indications are that pump prices are likely to decline for fuel products across the country.”
“The following basic information forms the basis of projections for the coming window, that; Crude price has seen a decline from the mean price of $85.29/barrel to $76.64/barrel (-10.14%) whiles the forex or Dollar exchange rate has slightly decreased from a previous average of GHS12.0060 to GHS11.9963 (0.08%) per $1, the following shall be the predicted retail figures for Petroleum products; Petrol – GH¢11.67/L, Diesel GH¢11.51/L.”
“Fuel prices in the first May pricing window were fairly stable.”