Petrol to sell at GH¢16.26, diesel GH¢19.07 from Wednesday – COPEC

Petrol prices are expected to rise to an average of GH¢16.26 per litre, while diesel could sell at GH¢19.07 per litre from Wednesday, September 16, according to the Chamber of Petroleum Consumers (COPEC).

COPEC projects a 4.24% increase in petrol prices from the current average of GH¢15.60 per litre.

Diesel is expected to record a steeper 10.23% increase, rising from an average of GH¢17.30 to GH¢19.07 per litre.

The Chamber attributed the projected increase largely to a sharp rise in international crude oil and refined petroleum product prices.

According to COPEC, the global crude oil price increased from $89.30 to $103.07 per barrel during the pricing window.

It also said the international Free-On-Board (FOB) price of petrol rose by 10.08%, from $1,136.50 to $1,251.07 per metric tonne, while diesel increased by 12.33%, from $1,250.50 to $1,404.73 per metric tonne.

The cedi, however, recorded a marginal appreciation of 0.29% against the US dollar, moving from an average interbank rate of GH¢11.5166 to GH¢11.4830 to the dollar.

COPEC further projects that Liquefied Petroleum Gas (LPG) will sell at GH¢15.32 per kilogramme, following a 16.45% increase in its international FOB price.

The Chamber has appealed to the government to extend its subsidy intervention, proposing a GH¢1 per litre relief for petrol consumers while maintaining the GH¢2 per litre subsidy on diesel.

COPEC also urged Oil Marketing Companies (OMCs) to consider reducing their margins to cushion consumers against the expected increases.