The Chamber of Petroleum Consumers (COPEC) is anticipating a 5.58% decrease in the price of diesel at the retail pumps from 16th April 2023.
This will be a decrease in prices from the current value of ¢12.84 per liter to between ¢11.40 and ¢12.60 per liter.
However, it predicts that petrol will see an increment of about 2% at the pumps.
COPEC stated that its forecast is based on the increase in international benchmark pricing from $772.75 per metric tonne to $900.20 per metric tonne indicating a 16.49% rise.
Price of petrol at the retail pumps are therefore expected to increase by an average of 2.01% from the current mean value of ¢12.16 per liter” a statement from COPEC explained.
It explained that by this, petrol is expected to be sold between ¢11.79 liter and GHS13.03 per liter from the previous ¢12.65 sold by some major oil marketing companies.
LPG on the other hand will see a marginal increment because the international price of LPG has slightly increased from $530.10 per metric tonne to $535.45 per metric tonne, representing 1.01%.
According to COPEC, crude pricing has seen an increase from the previous mean price of $74.73 per barrel to $81.69 per barrel representing 9.31%.
The forex market has also recorded a decline in depreciation from an earlier average of ¢12.5867 to ¢11.5450 (-8.28%) per $1.
This is in addition to the Chamber of Bulk Oil Distributors’ industry average rates of about $1 to ¢12.50.
“These Predictions are purely demand and supply driven and are completely independent of all such contributions from the G4O programme,” the statement added.