The Finance Minister, Hon. Ken Ofori-Atta has said that crude oil is projected to fall from an average of US$96.4 a barrel in 2022 to US$73.1 a barrel in 2023.
He said that the price of crude oil declined by 15.7% between August 2022 and February 2023. This was due to a weakened demand largely attributed to a huge decline in oil consumption in China.
Speaking during the mid-year budget review presentation, he said these reports were from the IMF’s world economic update in July 2023. But however, gold and cocoa prices have performed better than anticipated.
“Mr Speaker, the price of crude oil declined by 15.7 per cent between August 2022 and February 2023. This was due to a weakened demand, largely attributed to a huge decline in oil consumption in China. According to IMF’s World Economic Outlook update, in July 2023, crude oil prices are projected to fall from an average of US$96.4 a barrel in 2022 to US$73.1 a barrel in 2023. However, gold and cocoa prices have performed better than anticipated” he stated.
The first pricing window of August 2023 is expected to see a slight increase in petroleum prices, according to the Chamber of Petroleum Consumers (COPEC) which diffuses the Finance Minister’s projected figures.
According to indications, the average pump price of gasoline and diesel in the country, which is currently GHS11.90 per litre, is projected to rise by roughly 9%.
Additionally, a 20% price increase for liquefied petroleum gas (LPG) is anticipated.
According to COPEC, these price hikes are a result of a rise in the cost of goods sold on the global market, as crude has grown in price by 10.53 per cent, from a mean of $75.85 per barrel to $83.84 per barrel.
COPEC, therefore, projected retail figures for petroleum products in the next pricing window as follows;
Petrol, GH¢13.27 per litre; Diesel – GH¢13.93 per litre; Mean price for Petrol and Diesel – GH¢13.33 per litre and LPG – GH¢11.79 per kilogram.
Ashantibiz
