The Chamber of Oil Marketing Companies (COMAC) has predicted that gasoline prices will rise by 9.63% and diesel prices will increase by 6.97% beginning Wednesday, September 16, when the second pricing window for September opens.
According to COMAC’s most recent pricing forecast, LPG costs are expected to climb by 3.22%, with the predicted modifications reflecting increases in the prices of global crude oil and refined petroleum products.
COMAC stated that the government-industry GH¢2 per litre intervention on diesel will continue to shield customers against the complete effects of the anticipated increase, even with the projected rises.
Petrol might be sold at GH¢17.23 per litre, and diesel is anticipated to reach GH¢18.35 per litre, according to COMAC’s cash-purchase anticipated ex-pump pricing. The cost of LPG may also be GH¢16.66 per kilogram.
The NPA is increasing the floor pricing for all three petroleum products for the second pricing window of September.
NPA data shows that the lowest price for diesel is GH¢16.77 per litre, and the lowest price for petrol is GH¢16 per litre. Additionally, the lowest LPG price has increased to GH¢10.97 per kilogram.
All three products show higher prices than the initial price window in September. Petrol has increased by GH¢1.47 per liter from GH¢14.53, while diesel has increased by GH¢1.17 from GH¢15.60. The price of LPG increased somewhat from GH10.85 to GH12 per kilogram.
The NPA’s price floors, on the other hand, don’t always reflect the ultimate costs that consumers will incur at the pumps. Premiums charged by international oil trading firms, operational margins for bulk import, distribution, and export companies, and margins for marketers and dealers are not included in the floor prices, according to the Petroleum Product Pricing Guidelines.
After a significant increase in the cost of global crude oil, prices are increasing. For the pricing period ending September 16, the average price of crude oil increased by 12.29% to US$104.01 per barrel, exceeding the US$100 threshold for the first time since May.
The increase was caused by boat assaults in the Gulf and decreasing supplies as a result of Saudi Arabia’s shutdown of the East-West crude oil pipeline, which has put around 4 million barrels per day of supply at risk due to new US-Iran tensions and other geopolitical pressures.
Petrol rose by 13.21%, diesel by 7.50%, and LPG by 16.42%, indicating significant gains in refined petroleum products as well.
Meanwhile, the pricing outlook was further pressured by a 1.01% depreciation of the cedi to GH¢11.4849 against the US dollar, according to average bank rates from August 27 to September 11.
COPEC, the Chamber of Petroleum Consumers, is offering a GH1 per liter discount on petrol and keeping the current GH2 per liter discount on diesel until international petroleum benchmarks return to more normal levels, contrary to the anticipated increases.
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