Petroleum Prices To Rise Again Hitting GHS10.949p – COPEC Predicts

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Photo taken on April 9, 2020 shows pump nozzles at a gas station in Brussels, Belgium. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, reached on Thursday a tentative agreement to cut production to stop a market free-fall amid the coronavirus pandemic, pending the consent of Mexico. (Xinhua/Zhang Cheng)
(Xinhua/Zhang Cheng)
Spining

The Chamber of Petroleum Consumers (COPEC) has predicted an increase in the price of gasoline and liquefied petroleum gas (LPG) in the first pricing window of June 2022.

According to COPEC, ex-pump estimates based on Petroleum Price Indicators and the abolition of taxes totaling to 15 pesewas per liter on the government’s price build-up establish an average price of GHS10.949.

The average price per liter, it said, will increase by 28 pesewas over the previous window, with Petrol increasing by 85 pesewas and Diesel decreasing by 29 pesewas.

LPG is also expected to sell for roughly GHS10.298 per kilogram, down about 17 Pesewas per kilogram from the previous window.

According to COPEC, the expected increase in petrol prices is primarily due to the depreciation of the Ghana Cedi against the US Dollar, as well as an increase in processed Petrol prices, as opposed to slightly lower processed prices for Diesel and LPG on the international market despite an increase in Crude Oil prices.

Although the chamber anticipates Ex-pump prices to be within the anticipated ranges, the European Union’s compromise deal to prohibit Russian oil imports raises questions, since the measure is likely to have an influence on crude oil prices in the coming days.

Russia presently provides the EU with 27% of its imported oil and 40% of its gas. In exchange, the EU pays Russia roughly $430 billion per year.

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