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COPEC Forecasts Slight Decrease in Fuel Prices during First June 2023 Pricing Window

According to the Chamber of Petroleum Consumers Ghana (COPEC), there is a projected marginal decline in fuel prices expected during the first pricing window of June 2023. COPEC attributes this projection to the relative stability of forex rates, despite unfavorable international market benchmark prices for crude oil. Additionally, COPEC predicts a decline of approximately 5% in the price of Liquefied Petroleum Gas (LPG) during the same period.

Duncan Amoah, the Executive Secretary of COPEC, shared with Citi Business News that the first pricing window for June appears relatively stable, although some oil marketing companies (OMCs) may experience marginal declines in current pump prices. This stability is influenced by the relative gains the cedi would have made within the period. However, it is worth noting that international market benchmarks have not been favorable, as witnessed in the previous window.

As of May 29, 2023, the price of gasoline in Ghana was 13.2 Ghanaian cedis (GHS) per liter, approximately equivalent to 1.19 U.S. dollars. This price had decreased compared to December 2022 but remained considerably higher than the prices observed in most previous weeks. Notably, since January 3, 2022, the price of gasoline in Ghana has increased by over 91%.

On May 29, 2023, certain OMCs were selling both petrol and diesel at GHS 12.30. These figures provide an overview of the fuel prices and trends in Ghana as outlined by COPEC.

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