Prices of petrol and diesel at the pumps are likely to decline by between 10 to 12 per cent from Wednesday, November 16, the Chamber of Petroleum Consumers (COPEC) has projected.
In its projections for the November 2022 Second Pricing Window, the Chamber said petrol prices were likely to fall from the current average rate of ¢17.42 per litre to ¢16.07 per litre.
Diesel on the other hand would drop from its current average rate of ¢23.43 to ¢20.25 per litre, the Chamber said.
It attributed the expected decline to a drop in prices of petroleum products on the international market.
“Crude price benchmarks have recorded an increase of between $4 - $5/bbl from $91.86/barrel to $96.26/barrel whiles prices of petrol and diesel have both seen relative stability and decline respectively,” it said.
The Chamber, however, projected an increment in prices of Liquefied Petroleum Gas (LPG) following an increment in LGP rates on the international market.
“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 review, signed by Mr Duncan Amoah, Executive Secretary, COPEC, said.
Fuel prices have shot up by at least 225 per cent since the year began, with analysts blaming the continuous rise on the persistent decline of the cedi against the dollar and unsteady rates of Crude and finished petroleum products on the international market.
In January this year, petrol and diesel were trading at an average ¢6.9 and ¢7 per litre respectively at the local pumps.
Latest Stories
-
Reason for training professional counsellors is to heal a hurting world – CCP president
56 mins -
Woman allegedly brings dead man to bank to take out a loan
1 hour -
It’s a good feeling to score against PSG because I’m a Marseille boy – Andre Ayew
1 hour -
Joe Lartey Sr: A voice that brought life to Ghana sports and beyond
2 hours -
Bawumia promises to tackle issue most dear to Ghanaians as he begins nationwide campaign
3 hours -
Indian couple donate $24m fortune to charity to adopt monkhood
3 hours -
Australians call for tougher laws on violence against women after killings
4 hours -
African Development Council establishes mission in Benin for Francophone countries
4 hours -
Okyeame Kwame reveals his secret to longevity in music industry
4 hours -
Youthful-looking 60-year-old woman qualifies for Miss Argentina contest
4 hours -
Ejisu By-Election: Campaign heats up as NPP holds final rally ahead of Polls on Tuesday
4 hours -
Rwanda plan: Irish government wants to send asylum seekers back to UK
5 hours -
Ice cubes now cost more than bread and milk in parts of Mali
6 hours -
Titanic gold pocket watch sells for £900,000
7 hours -
Elon Musk in China to discuss enabling full self driving – reports
7 hours