Petrol and diesel prices are expected to fall by 3.7% to 4.04% per liter beginning Thursday, March 1, 2023.
According to the Chamber of Petroleum Consumers (COPEC), this follows a drop in global product prices, despite a marginal depreciation of the cedi against the dollar during the period.
“These expected drops in prices for the second time running since the second pricing window of February 2023 do not have any correlation with the much-touted Gold for Oil program as these movements are simply a derivative of market forces at play within the period,”.
“We still await the reductions the two cargoes brought in this month will add to the relieving the suffering of the petroleum consumer”, it added.
“With the international price decreasing from $878.41/MT to $849.25/MT (-3.32%), the retail price works up to 13.66 per liter,” according to COPEC.
Regarding diesel, it pointed out that “with the International price decreasing from $854.00/MT to $809.38/MT (-5.22%), and the increase in the dollar rate, the expected mean retail price for the next window shall be ¢13.98 per liter”.
On the other hand, it stated that the projected retail price of Liquefied Petroleum Gas (LPG) will rise by approximately 4.36% from the current average of 13.86/kg to 14.46/kg.