Fuel prices to fall between 3.7% and 4.04% beginning March 1.

Fuel prices to fall between 3.7% and 4.04% beginning March 1.

The Chamber of Petroleum Consumers (COPEC) projects that starting on Thursday, March 1, 2023, the cost of petrol and diesel would decrease between 3.7% and 4.04% a litre.

This comes after a drop in product prices on the global market, despite a slight depreciation of the cedi against the dollar at that time.

“These expected drop in prices for the second time running since the second pricing window of February 2023 does not have any correlation with the much touted Gold for Oil programme as these movements are simply a derivative of market forces at play within the period,”.

“We still await the reductions the two cargoes brought in this month will add to the relieving the suffering of the petroleum consumer”, it added.

For petrol, COPEC said “with the international price decreasing from $878.41/MT to $849.25/MT (-3.32%), the retail price works up to ¢13.66 per litre”.

It pointed out “with the International price decreasing from $854.00/MT to $809.38/MT (-5.22%), and the increase in the dollar rate, the expected mean retail price for the next window shall be ¢13.98 per litre”.

According to COPEC, the average retail price of liquefied petroleum gas (LPG) is forecast to rise from ¢13.86 per kilogramme to ¢14.46 per kilogramme, an increase of around 4.36%.

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