FUEL PRICES SET FOR ANOTHER SEPTEMBER RISE DESPITE STRONGER CEDI
By Boakye Stephen, Kumasi, Ghana | Reporting for Ghanaian News Canada
Motorists and households could face another increase in petroleum prices as September begins, with petrol, diesel and LPG all projected to record marginal rises.
The Chamber of Petroleum Consumers Ghana (COPEC) projects that petrol could rise to about GH¢16.21 per litre, representing an estimated five per cent increase from the current mean price.
Diesel could reach approximately GH¢17.61 per litre, while LPG is projected at around GH¢14.19 per kilogramme.
The expected increases come despite a recent appreciation of the Ghana cedi against the US dollar and a marginal decline in international crude oil prices.
The cedi improved from an average interbank rate of GH¢11.800 to GH¢11.5166 per dollar, while crude oil prices declined from $90.41 to $89.30 per barrel during the current pricing period.
COPEC, however, says movements in the international prices of refined petroleum products are likely to outweigh those developments and push pump prices upward.
The final prices consumers pay will depend on the pricing decisions of individual oil marketing companies.
COMMENTARY
The expected increase once again highlights the complicated nature of Ghana’s fuel-pricing system. A stronger cedi and lower crude oil prices do not automatically translate into cheaper fuel because refined petroleum products are affected by several international and domestic market factors. For ordinary consumers, however, the major concern remains the same: fuel increases often trigger higher transport and living costs.
