Some oil market companies have started increasing prices of petroleum products at the pumps. TotalEnergies has increased the price of petrol to ¢13.50 from ¢12.45 at the beginning of the month.
Diesel is also going for ¢13.90 from the previous price of ¢12.45.
The rest of the major oil marketing companies are expected to also adjust prices today.
Earlier, the Chamber of Petroleum Consumers (COPEC) announced that fuel prices will see an increase of about 5.7% in the second pricing window of August.
A statement signed by the Executive Secretary, Duncan Amoah noted that the change is as a result of prices of finished products on the international market shooting up averagely around 11% for both petrol and diesel.
It added that Crude price has also been increased by 6.79% from the mean price of $80.67/barrel to $86.15/barrel even though the forex or Dollar exchange rate has relatively decreased from a previous average of GH₵11.7185 to GH ₵11.4538 (-2.26%) per $1.
Petrol
The statement explained with the international price increasing from $898.55/MT to $965.58/MT (7.46%), the retail price works up to GH₵12.97/L
Thus, Petrol is expected to increase by 4.37% of the current mean Pump retail price of GH₵12.40/L, to close selling between GH₵12.32/L and GH₵13.62/L within ±5% of COPEC’s prediction.
Diesel
With the International benchmark prices increasing from $786.73/MT to $902.15/MT (14.67%), the expected mean retail pump price for the next window shall be GH₵13.43/L
Thus, Diesel is expected to increase by about 7.0% of the current Mean Pump retail price of GH₵12.49/L to be selling between GH₵12.76/L and GH₵14.10/L within ±5% of COPEC’s projection.
Mean Price of Petrol and Diesel
The Mean price of Petrol and Diesel for the coming window per the numbers shall be 13.20/L with mean pump retail price range of GH₵12.54/L and GH₵13.86/L, within ±5% of COPEC’s prediction.
LPG
With the international benchmark price increasing from $423.75/MT to $547.79/MT (29.27%) the projected retail price of LPG is expected to be selling averagely at GH₵12.30/kg.
Thus, within ±5% error, LPG is expected to be sold between GH₵11.69/kg and GH₵12.92/kg