The second pricing window of May 2023 is expected to see lower fuel costs, according to the Chamber of Petroleum Consumers Ghana (COPEC).
According to COPEC’s predictions, the loss is due to steady to slightly declining foreign exchange rates as well as a drop in the price of petroleum on the global market.
Instead of the current GH$12.00 per litre, petrol is anticipated to be sold at GH$11.67.
According to COPEC, “the second pricing window of the month of May 2023 is set to begin in a few hours. Indications are that pump prices for fuel products across the country are likely to decline.”
“Projections for the upcoming window are based on the basic information listed below, which shows that the price of crude has decreased from a mean price of $85.29 per barrel to $76.64 per barrel (-10.14%).
The following are the anticipated retail statistics for petroleum products, even if the foreign currency rate or dollar exchange rate has somewhat fallen from an earlier average of GHS12.0060 to GHS11.9963 (0.08%) per $1; Diesel is GH11.51/L, while Petrol is GH11.67/L.
“Fuel prices in the first pricing window in May were fairly stable.”