The pump price of Liquefied Petroleum Gas (LPG) is expected to increase by about 4.36% from the current average of 13.86/kilogramme to ¢14.46/kg, the Chamber of Petroleum Consumers (COPEC) has projected.
It also said from Wednesday, 1 March 2023, the prices of petrol and diesel are expected to fall by between 3.7% and 4.04% per litre.
The Chamber attributes the fall in the pump prices of petrol and diesel to a fall in the price of crude oil on the international market.
COPEC said the local market would follow the downward trend despite a slight lost of value by the cedi to the dollar.
It also noted that the price fall has nothing to do with the government’s gold-for-oil programme.
“These expected drop in prices for the second time running since the second pricing window of February 2023 does not have any correlation with the much touted Gold-for-Oil programme, 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.
COPEC said “with the international price decreasing from $878.41/MT to $849.25/MT (-3.32%), the retail price works up to ¢13.66 per litre” for petrol.
It added: “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 litre” for diesel.
