Petrol, diesel and LPG prices expected to rise from September 16 – COPEC projects
by Miss Naa · MyNewsGh.comFuel prices are expected to go up from Wednesday, September 16, with diesel projected to record the biggest increase during the second pricing window of September.
The Chamber of Petroleum Consumers (COPEC) projects a 10.23 per cent rise in diesel prices, while petrol could increase by 4.24 per cent.
COPEC also expects Liquefied Petroleum Gas (LPG) to rise to about GH¢15.32 per kilogramme.
The projections are largely linked to a sharp increase in international crude oil and refined petroleum product prices during the period under review.
In its September 13 projection, COPEC said crude oil prices rose from US$89.30 to US$103.07 per barrel.
The increase comes despite a marginal appreciation of the Ghana cedi against the US dollar. The average interbank rate moved from GH¢11.5166 to GH¢11.4830 to the dollar, representing a 0.29 per cent improvement.
For petrol, COPEC said the international Free on Board (FOB) price increased from US$1,136.50 to US$1,251.07 per metric tonne, a 10.08 per cent rise.
Taking the movement in the exchange rate into account, COPEC projects that petrol could sell at GH¢16.26 per litre.
That would be a 4.24 per cent increase from the current mean price of GH¢15.60 per litre.
COPEC expects the petrol price to fall within a range of GH¢15.44 to GH¢17.08 per litre during the next pricing window, based on an estimated ±5 per cent range.
Diesel is facing a sharper increase because its international FOB price also recorded a significant rise.
According to COPEC, the FOB price of diesel went up from US$1,250.50 to US$1,404.73 per metric tonne, representing a 12.33 per cent increase.
The projected changes are expected to take effect at fuel stations from Wednesday, September 16.
Source: MyNewsGh.com
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