COPEC based its forecast on rising crude prices on the international market and the cedi, which is currently depreciating against major trading currencies.
According to a statement, the Free On Board prices of petrol increased by 19.28 per cent from $917.48/MT to 1094.33/MT, diesel by 34.57 per cent from $845.50/MT to $1137.78/MT, and LPG by 17.42 per cent from $845.93/MT to $993.25/MT between the first pricing window (1st-15th March 2022) and the second pricing window (1st-15th March 2023). (16th -31st March 2022).
“According to the NPA’s petroleum price indicators, the price of Gasoil (diesel) will increase by 30.41 per cent from GH8.22 per litre in this current window to Gh10.721 per litre beginning 16th March 2022, and ex-pump prices of Gasoline (petrol) will increase by 18.25 per cent from GH8.22 per litre beginning 16th March 2022.”
COPEC also noted that the cedi has dropped 9.71 percent against the dollar, from GHS6.8360 to GHS7.500 per dollar.
Furthermore, COPEC has stated that ex-pump LPG prices will rise by 23%, from GHS 9.8 per kg in the current window to GH12.04 per kg in the next window beginning March 16, 2022.
“This means that a 14.5kg will cost Ghc174.58,” COPEC added.
Fuel prices have risen across the country as the National Petroleum Authority (NPA) reinstated the Price Stabilization and Energy Recovery levy, which is a key component of the fuel price increase after it had been suspended for about three months.
Last year, the levy was suspended in order to reduce the burden on consumers.
COPEC has already called for the levy to be repealed and has now urged the government to implement the dual pricing module in order to stabilize fuel prices and the resulting economic difficulties.
Source:Citinews
