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The Chamber of Petroleum Consumers (COPEC) predicts that the price of gasoline and liquefied petroleum gas (LPG) would rise in the first pricing window of June 2022.
According to COPEC, the ex-pump estimates based on the Petroleum Price Indicators and the reduction of taxes amounting to 15 pesewas per liter on the government’s price build-up establish an average price of GHS10.949 for petrol and diesel.
Thus, the average price per liter will rise by 28 pesewas over the previous window, with petrol rising by 85 pesewas but diesel falling by 29 pesewas.
LPG is also expected to sell for roughly GHS10.298 per kilogram, a decrease of about 17 Pesewas per kilogram from the previous window.
According to COPEC, the expected increase in petrol prices is primarily due to the depreciation of the Ghana Cedi against the US dollar and an increase in processed petrol prices as opposed to slightly reduced processed prices for diesel and LPG on the international market despite an increase in crude oil prices.
Although the chamber anticipates Ex-pump prices to be within the forecast range, the European Union’s compromise deal to prohibit Russian oil imports leaves room for uncertainty, since the measure is expected to have an influence on crude oil prices in the coming days.
Russia presently supplies the EU with 27% of its imported oil and 40% of its gas.
In exchange, the EU pays Russia approximately $430 billion per year.