Fuel prices to cross ¢10 per litre by March 16 – COPEC Ghana projects


Energy think tank, Chamber of Petroleum Consumers (COPEC- Ghana) has predicted that fuel prices in Ghana will cross ¢10 per litre by Marcy 16.

Fuel price have already crossed the ¢8 per litre mark.

COPEC in a statement issued on Monday March 14 said the “Petroleum Price Indicators of 11th March averages for calculating ex-pump prices beginning from Wednesday, the 16th of March, 2022 (2nd pricing window of March) shows that FOB prices of petrol has 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 window and second window of March.

“Further, the cedi has seen a sharp depreciation against the dollar by 9.71% from Ghc6.8360 to Ghc7.500 to a dollar. However, the National Petroleum Authority (NPA) quoted a Ghana Cedi equivalent of Ghc7.179 to a dollar which is even lower than what the market is trading at.”

Earlier, Member of Parliament for Bongo, Mr Edward Bawa predicted that fuel prices will hit 9 cedis per liter by the end of March.

Edward Bawa expressed fears that if the government does not act immediately, the prices will shoot up by the end of the month.

“Let us be honest, if the government does not do anything and the next window, which is on the 16th of March, there is going to be an increase in fuel prices,” the opposition lawmaker said.

He stressed that “By the close of the moth we will hit 9 cedis per litre.”

Regarding the impact of the tension between Russia and Ukraine, he said the situation is a blessing in disguise for Ghana because the country is also an oil-producing nation.

“You and I know that obviously Ukraine would have definitely had an effect on us but before Ukraine’s invasion there were was an increase in petroleum prices in Ghana.

“We are in the winter period and the demand for hydrocarbons in Europe and America were very high so, we were already in the ascending form, so that cannot be the case.

“Ukraine may have aggravated the situation but I am saying, in that particular state it is a blessing in disguise. While we complain about the prices in the local level, we are also always smiling to the bank because of the moneys we get from selling [crude oil] products. So it is a win-win in my opinion,” he told journalists in Parliament on Thursday March 10.

Oil prices rose on Thursday following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine, the Economic Times reported.

Brent crude futures were up $3.10, or 2.8%, at $114.24 a barrel at 0419 GMT after trading in a more than $5 range. The benchmark contract slumped 13% in the previous session in its biggest one-day drop in nearly two years.

U.S. West Texas Intermediate (WTI) crude futures were up $1.58, or 1.5%, at $110.28 a barrel, after trading in a more than $4 range. The contract had tumbled 12.5% in the previous session in the biggest daily decline since November.

Related Articles

0 0 votes
Article Rating
Notify of

Inline Feedbacks
View all comments
Back to top button