Fuel prices to hit GH¢10 per litre from March 16,2022.
In a statement, the Chamber of Petroleum Consumers Ghana (COPEC) has predicted that diesel may soon hit GH¢10 per litre while petrol will cross GH¢9 from March 16, 2022.
The rising cost of crude on the international market, as well as the cedi’s present depreciation among major trade currencies, were cited by COPEC as reasons for its forecast.
It added in a statement that, ‘’the Free On Board prices of petrol increased by 19.28% from $917.48/MT to 1094.33/MT, diesel by 34.57% from $845.50/MT to $1137.78/MT and LPG by 17.42% from $845.93/MT to $993.25/MT between the first pricing window (1st-15th March 2022) and the second window (16th -31st March 2022)”.
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COPEC has also noted that the cedi has seen a sharp depreciation against the dollar by 9.71% from GH¢6.8360 to GH¢7.500 to a dollar.
The cedi has also depreciated sharply against the dollar, falling from GH¢6.8360 to GH¢7.500 per dollar, according to COPEC.
Furthermore, COPEC indicated that ex-pump LPG prices will increase by 23% from GH¢ 9.8 per kg in the current window to GH¢ 12.04 per kg in the next window, which will begin March 16, 2022.
COPEC added, “This implies that a 14.5kg will be sold at Ghc174.58.”
The National Petroleum Authority (NPA) has restored the Price Stabilization and Energy Recovery levy, which is a significant component of the fuel price build-up after it was suspended for approximately three months. As a result, fuel prices have gone up at the pumps across the country.
Last year, the levy was halted to relieve the consumer burden.
COPEC has already called for the levy to be repealed, and now it is urging the government to adopt the dual pricing module in order to stabilize fuel costs and the resulting economic hardships.
