Prices of petrol, diesel to fall between 3.7% and 4.04% per liter – COPEC

As of the first Thursday in March 2023, it is anticipated that the prices of gasoline and diesel will decrease by between 3.7 and 4.04% per liter.

According to the Chamber of Petroleum Consumers (COPEC), this is in response to a drop in the pricing of the products on the global market.

This is the case in spite of a slight depreciation of the cedi in relation to the dollar over the time period in question.

“These expected drops in prices for the second time in a row since the second pricing window of February 2023 do not have any correlation with the much touted Gold for Oil program as these movements are simply a derivative of market forces that are at play during the period,” said the spokesperson.

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“These movements are simply a derivative of market forces that are at play within the period.”

“We are still awaiting the reductions that the two cargoes brought in this month will contribute to alleviating the agony of the petroleum consumer,” it added. “We still await the reductions that the two cargoes coming in this month will add to relieving the suffering.”

“With the international price dropping from $878.41/MT to $849.25/MT (-3.32%), the retail price works out to 13.66 per liter,” COPEC said of gasoline prices.

With reference to diesel, the report mentioned that “with the international price lowering from $854.00/MT to $809.38/MT (-5.22%), the estimated mean retail price for the next window shall be 13.98 per liter.”

On the other hand, it was said that the predicted retail price of liquefied petroleum gas (LPG) is expected to increase by approximately 4.36% from the current average of 13.86 yen per kilogram to 14.46 yen per kilogram. This means that the price would be higher.

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