COPEC projects 3.7% and 2.5% increment in ex-pump prices of petrol and diesel
The Chamber of Petroleum Consumers (COPEC) has projected a 3.7% and 2.5% increment in ex-pump prices of petrol and diesel for the first pricing window of January 2022.
In nominal terms, the increments COPEC asserts, represents 24 pesewas and 17 pesewas increase ex-pump prices of petrol and diesel respectively.
“The ex-pump prices of petrol and diesel are expected to surge by 3.7% and 2.5% respectively. In nominal terms, ex-pump prices of petrol and diesel are expected to increase by 24 pesewas and 17 pesewas respectively. The average surge for both products in nominal terms is 20 pesewas representing 3.1%. Some OMCs could increase their prices less than the 20 pesewas increase due to competition,” explained COPEC in a press statement.
COPEC further explains in the statement that, should government suspends the zeroing of the Price and Stabilization Recovery Levy PSRL on diesel, petrol and LPG, then ex-pump prices could surge by at least 34 pesewas.
Per the projected price increment, petrol and diesel at the end of the first pricing window of January would be selling for Ghs 6.74 pesewas and Ghs 6.79 pesewas respectively
The projected price increment in ex-pump prices by COPEC is however, higher than the 18 pesewas [2.8%] increment in the price of petrol and diesel and ex-pump price of Ghs 6.68 pesewas for the first pricing window of January 2022.
Prices of fuel products have over the period surged due to the increment in crude oil prices on the international market, inflation and the depreciation of the Ghana cedi.
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Read COPEC’s statement below:
Ex Pump Pricing Jan 2022 by Fuaad Dodoo on Scribd
Government suspends PSRL for one more month
Meanwhile, President Akufo-Addo has approved the extension of the Price and Stabilization Recovery Levy [PSRL] on petroleum products for an additional month.
This is per the request of both the Finance and Energy Ministries.
The move by the President is to help reduce the marginal increase in the prices of petroleum products that took effect over the weekend – from January 1, 2022.
But for the extension of the Price and Stabilization Recovery Levy [PSRL] which ended on December 31, 2021, available data suggests that diesel should have gone up by over 4% and petrol by 3% per liter.
Originally, the stabilization levy placed 16 pesewas and 14 pesewas on petrol and diesel in the price build up of the petroleum products.
The request for the extension of the PSRL first came from the National Petroleum Authority to the Energy and Finance Ministries before it was taken to the President for the emergency approval.
Despite the extension of the suspension of levy, concerns have been raised about its sustainability seeing that crude prices continue to go up on the international market, as well as the revenue loss to the state and the real impact on consumers in terms of cushioning them.
