Retail fuel prices in Ghana are expected to decline from Wednesday, July 1, as lower global crude oil prices and a stronger cedi reduce import costs, according to the Chamber of Petroleum Consumers (COPEC).
The consumer advocacy group said the outlook reflects a 19.69% decline in benchmark crude oil prices, which fell to $78.16 a barrel from $97.32 during the current pricing period, alongside a 3.14% appreciation of the cedi against the U.S. dollar.
Petrol prices are projected to fall 6.21% to an average of GH¢13.36 a litre from the current average of GH¢14.24, after international Free-on-Board (FOB) prices declined 6.92%. COPEC estimates retail prices will range between GH¢12.69 and GH¢14.03 a litre, depending on the pricing decisions of individual oil marketing companies.
Diesel is expected to post a steeper decline. Following a 15.18% drop in international FOB prices, COPEC projects an average retail price of GH¢14.10 a litre, down 13.28% from the current average of GH¢16.26. Pump prices are expected to range between GH¢13.39 and GH¢14.80 a litre.
Liquefied petroleum gas is also forecast to become cheaper after international FOB prices fell 15.96%. COPEC estimates LPG will retail between GH¢9.54 and GH¢10.55 a kilogram during the first pricing window of July.
The chamber urged oil marketing companies to pass the lower import costs on to consumers, saying the anticipated reductions would provide relief for households and businesses facing elevated living and operating costs.
COPEC also welcomed the government’s decision to allocate part of its share of crude oil from the Jubilee Field to domestic refineries, arguing that the policy could reduce reliance on imported refined fuels, support the cedi and improve long-term price stability in the downstream petroleum market.
Separately, the National Petroleum Authority lowered its price floors for the first pricing window of July, setting minimum pump prices at GH¢12.79 a litre for petrol, GH¢13.54 for diesel and GH¢10.11 a kilogram for liquefied petroleum gas. The regulated price floors establish the minimum prices at which oil marketing companies and LPG marketers are permitted to sell fuel during the pricing period.
Source:TheDotNews