The Chamber of Petroleum Consumers (COPEC) has announced that petrol and fuel prices in the country are expected to fall between 3.7% and 4.04% per litre in early March 2023.
This initiative follows a decline in the products’ prices on the world market in spite of a marginal depreciation of the cedi to the dollar during that period.
“This 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”.
In addition, COPEC aims to reduce the suffering consumers face while purchasing fuels at various pumps and filling stations.
” We still wait for the reductions the two cargoes brought in this month will add to relieving the suffering of the petroleum consumer.
Speaking of 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”.
About diesel, it was discussed that “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”.
The new prices are expected to commence at the various filling stations effective March 1, 2023.
Story by Salome Kwaw.