From the second window of May, the Chamber of Petroleum Consumers Ghana (COPEC) forecasts a decline in fuel prices.
The decrease is attributable to a decline in the price of crude oil on the global market.
Another factor was the Ghana cedi’s relative stability in comparison to other trade currencies, particularly the US dollar.
According to COPEC, gasoline will cost GH11.67 per liter at the pump while diesel will cost GH11.51.
Currently, the cost of gasoline ex-pump is Gh12.00.
COPEC, in a statement, said “indications are that pump prices are likely to decline for fuel products across the country”.
“The following basic information forms the basis of projections for the coming window: crude price has seen a decline from the mean price of $85.29/barrel to $76.64/barrel (-10.14%) while the forex or dollar exchange rate has slightly decreased from a previous average of GHS12.0060 to GHS11.9963 (0.08%) per $1″.
COPEC added: “The following shall be the predicted retail figures for petroleum products; petrol – GH¢11.67/L, diesel GH¢11.51/L”.
It claimed that during the first pricing window in May 2023, fuel prices remained largely unchanged.
In other news, the International Monetary Fund (IMF) expects to deliver the first tranche of cash to Ghana this week, according to Mohammed Amin Adam, Ghana’s State Minister for Finance.
He stated that the first loan tranche of $600 million is anticipated to be disbursed to Reuters on Sunday, May 14, 2023.
“We expect a deal on Wednesday. With the disbursement, there is going to be $600 million as a first tranche just immediately after the approval,” Adam said by phone, adding that Ghana hoped to receive the funds within a week of the board’s decision.
He added that a second tranche of $600 million is anticipated to be approved following the program’s successful first review in November or December 2023.
Benjamin Nsiah, a financial analyst, claims that the $3 billion IMF bailout will not resolve the nation’s economic issues.
