Chamber of Petroleum Consumers (COPEC) is forecasting an upward adjustment in the price of petrol and Liquefied Petroleum Gas (LPG) in the first pricing window of June 2022.
According to COPEC, The ex-pump estimations based on the Petroleum Price Indicators and elimination of taxes amounting to 15 pesewas per liter on the price build-up by the government establish an average price of Petrol and Diesel to GHS10.949.
Thus, the average price will go up by 28 pesewas per liter over the previous window, with Petrol going up by 85 Pesewas but Diesel will be going down by 29 Pesewas.
LPG is also likely to sell around GHS10.298 per kilogram showing a reduction of about 17 Pesewas per kilogram over the previous window.
The expected increase in petrol price is primarily due to the depreciation of the Ghana Cedi against the Dollar and increase in prices of processed Petrol as against slightly reduced processed prices for Diesel and LPG on the international market despite an increase in Crude Oil price, COPEC says.
Although the chamber expects Ex-pump prices to be within the projected figures, the European union’s compromise deal to ban Russian oil imports leaves room for uncertainty as the move is more than likely to impact crude oil prices in the coming days.
Russia currently supplies 27 percent of the EU’s imported oil and 40 percent of its gas. The EU pays Russia around $430bn a year in return.