Petrol and diesel prices to fall between 3.7% and 4.04% beginning March 1

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According to the Chamber of Petroleum Consumers (COPEC), Prices of petrol and diesel are expected to fall between 3.7% and 4.04% per litre, beginning Thursday March 1, 2023.

This follows a decline in the prices of the products on the world market, despite a marginal depreciation of the cedi to the dollar during the period.

“These expected drop in prices for the second time running since the second pricing window of February 2023 does not have any correlation with the much touted Gold for Oil programme as these movements are simply a derivative of market forces at play within the period,”.

“We still await the reductions the two cargoes brought in this month will add to the relieving the suffering of the petroleum consumer”, it added.

For petrol, COPEC said “with the international price decreasing from $878.41/MT to $849.25/MT (-3.32%), the retail price works up to ¢13.66 per litre”.

It pointed out “with the International price decreasing from $854.00/MT to $809.38/MT (-5.22%), and the increase in the dollar rate, the expected mean retail price for the next window shall be ¢13.98 per litre”.

COPEC said the projected retail price of Liquefied Petroleum Gas (LPG) is expected to increase by about 4.36% from the current average of 13.86/kilogramme to ¢14.46/kg.

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