The Chamber of Petroleum Consumers (COPEC) has projected the price of petrol to be reviewed downward to GH¢14.76 per liter in the next pricing window, which kickstarts December 1.
Liquefied Petroleum Gas (LPG) and diesel are also expected to see a decrease in price to GH¢15.27 per kilogram and GH¢19.09 respectively.
COPEC said these reductions are necessitated by the Crude price which “has dropped from $96.26/barrel to $89.05/barrel (-7.49%) and the Dollar rate (GOVT) also increasing slightly from GHS14.4972 to GHS14.9600 (3.19%) per $1 and maintaining the CBOD rate of $1=GHS17.5.”
Prices of fuel in Ghana have been fluctuating in recent times, often seeing marginal increases which have further exacerbated the economic challenges in the country and these projections, if fully implemented, are likely to bring relief to consumers.
Executive Secretary of COPEC, Duncan Amoah reiterated the Chamber’s admonishment for the revival of the Tema Oil Refinery (TOR) against the government’s decision to source “affordable and regular fuel supply abroad,” to stabilize the fluctuations we have in the supply and price of petrol and diesel products.
Speaking on the Citi Breakfast Show, Mr. Amoah advised that “while we pay particular attention to petroleum importation, we should not also loss sight of the fixes that the [petroleum trading] system also requires because we cannot continue to be importing petroleum for the rest of our lives when we can have a functionary refinery and and our forex strengthened.”
He added that: “we further admonish, authorities to find a lasting solution to the currency situation whiles fixing the crippling challenges confronting the tema oil refinery (TOR ) which have at present, rendered it idle and unproductive whiles working to reposition the Bulk Storage and Transportation ( BOST ) to serve its core mandate.
“Attempts at quick fixes such as sending appointees to go in search of cheaper fuel and the proposed barter of our gold resources for oil are clearly not the fixes required to stem the tide.”