Petrol and diesel prices likely to go down, LPG to increase – COPEC

The Chamber of Petroleum Consumers (COPEC) is predicting a marginal reduction in prices of petrol and diesel in the next pricing window beginning on Wednesday, November 16.

But the price of Liquefied Petroleum Gas (LPG) is predicted to increase.

A press statement issued on Tuesday and signed by the Executive Secretary of COPEC said the price of petrol is likely to reduce to ¢16.07 per litre.

“The international benchmarks saw a slight increase in price by less than $6/mt from $963.43 to $969.08, with a relative stability and availability of the forex to the petroleum importation market, retail prices could likely move downwards to ¢16.07/L from averages of 17.42/L.”

The price of diesel is likely to be adjusted downwards to ¢20.25.

“International price benchmarks have seen diesel prices decline by $123/mt from $1,220.82/mt to $1,097.35, the expected retail price average could decline from current averages of 23.43/L to averages of GHS20.25/L.

However, for LPG, the statement attributed the expected increase in price to an increase in its international benchmarks.

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“International benchmarks for LPG have seen an increase of about $32 from $598.27 to $630.56, this could be expected to lead to an increase in retail price on current retail averages of 12.10/kg to a likely retail price of 13.51/kg,” the statement added.