The Chamber of Petroleum Consumers (COPEC), in its most recent checks in advance of the second oil pricing window in November, is stating that the price of petrol and diesel are projected to see a decrease, while the price of liquefied petroleum gas (LPG) is expected to be adjusted upwards. This may soon bring a brief and marginal amount of relief to those who are in need of it.
In a statement released before the second pricing window, which is scheduled to take place on Wednesday, November 16, COPEC said the following: “the international benchmark for LPG has seen an increase of about $32 from $598.27 to $630.56,” which, according to him, “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.” The second pricing window is scheduled to take place on Wednesday, November 16.
As a result of this, what it actually means is that the price of petroleum is expected to move downward to GH16.07 per litre from its present average price of GH17.42 per litre. This is the case because it is likely that the price of petroleum will move downward.
The same can be said for diesel, where it is anticipated that the retail price will fall to an average of GH20.25 per litre from its current average price of GH23.43 per litre.
However, the commodity that stands to profit the most and cause the most concern is liquefied petroleum gas. The price of this commodity is forecast to increase from GH12.10 per kilogram to a projected retail price of GH13.51 per kilogram.
According to COPEC, a “stronger intervention by the Bank of Ghana with special attention on petroleum import and space through targeted FX auctions” is primarily to blame for the anticipated decrease in the prices of petroleum and diesel.
The necessity of modernizing the Tema Oil Refinery in order to meet the needs of the country in terms of energy production was stressed once more by the Chamber.
“We entreat the Bank of Ghana not to 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 operationalize the currently idle Tema Oil Refinery to contribute its quota to the much-needed fuel security and stability of the cedi while encouraging a rethink of the strategic role originally assigned to the Bulk Oil Storage and Transportation(BOST).