The Chamber of Petroleum Consumers Ghana (COPEC), has predicted that the prices of petroleum products could see another increase in the next pricing window, which commences on November 16, 2022.
According to COPEC, the depreciation of the Ghana cedi, coupled with other international market developments and forces, will be a major contributory factor for the upward review of prices.
Currently, petrol and diesel are selling at GH¢18 and GH¢23.49 per litre respectively at various pumps across the country, with commercial drivers and the general public lamenting the impact on the general cost of living.
Executive Secretary of COPEC, Duncan Amoah, in an interview with Citi News, said there is no end in sight to the uncontrollable rising prices of petroleum products.
He said the Chamber’s routine checks at some selected pumps reveal a different picture from the current pesewas reduction in petroleum prices, which got some Ghanaians optimistic about a price reduction in the next pricing window.
“The Cedi seem to be back on a decline spree. What the interbank rate was quoting at GH¢13.8 is currently doing GH¢15.5, GH¢15.7. If that continues, then I don’t see how the reduction will come. Again, international market prices are also looking bullish once again due to China’s most recent announcement of reopening that economy fully.”
“What that means on demand pressures is that, you are likely going to see a demand surge. If that happens with OPEC’s threat to cut production numbers, then prices per barrel are simply looking to go beyond the $100 mark once again. As we speak, it peaked around $99 last night. If you put that and the Cedi’s depreciation together, I am afraid the reduction that OPEC is clamouring for will simply not happen anytime soon. To the contrary, you may rather have the prices of individual product inch up a little higher simply because of these variations which are being recorded,” he said.
On prices for petroleum products per recent data gathered, Duncan Amoah said petrol would have had an upward adjustment, while diesel would have stabilized or reduced by GH¢1.
He however mentioned that COPEC will continue to monitor developments within the sector in the ensuing days but insisted, at present, the reduction was impossible.
“From what we saw as of our records yesterday if you were to do new prices yesterday evening, petrol would have simply gone up by a cedi or two, diesel would have probably stabilized and in the best case scenario declined by GH¢1. As we speak, we have the whole of Thursday, Friday and the following Monday to observe to determine exactly where pricing should be in the next window which commences on the 16th day of November so as it stands it could be anything but the reduction that has been published widely I am afraid might not be the case of today,” Duncan Amoah emphasized.
Prices of diesel and petrol have been on the increase since the beginning of this year.
COPEC has consistently advised the Government to fall on profits from its crude oil sales to cushion Ghanaians against soaring fuel prices.