The Chamber of Petroleum Consumers (COPEC) has predicted that fuel prices are likely to see a decline in the first pricing window of March 2023.
According to COPEC, prices of both petrol and diesel have all declined marginally within the period while crude price has also minimally dropped from $82.99/barrel to $82.48/barrel (-0.61%).
With the international price decreasing from $878.41/MT to $849.25/MT (-3.32%), the retail price works up to GHS13.66/L.
Petrol Retail prices are therefore expected to drop by 3.73% from the current Mean value of GHS14.20/L. 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 GHS13.98/L.
Thus, Diesel prices are therefore expected to drop by 4.04% from the current Mean value of GHS14.57/L.