The Chamber of Petroleum Consumers(COPEC) has predicted that prices of petrol and diesel are expected to surge by 3.7% and 2.5% respectively. In nominal terms, COPEC said, ex-pump prices of petrol and diesel are expected to increase by 24 pesewas and 17 pesewas respectively.
“The average surge for both products in nominal terms is 20 pesewas representing 3.1%. Some Oil Marketing Companies (OMCs) could increase their prices less than the 20 pesewas increase due to competition,” a statement issued by COPEC indicated on Monday January 3.It added “Brent crude plunged by 10.7% to $73.45/barrel on the 26th November, 2021 and the OPEC Reference Basket (OPB) plunged by 6.9% to $76.09/barrel on the same date.
The OPB further tumbled to $70.07/barrel on 2nd December, 2021. The plummeting crude oil prices was due to the new Omicron Variant new COVID-19 Omicron (B.1.1.529) variant which restricted mobility in some countries, and the expectation of gradual increment of oil production by Organisation of Petroleum Exporting Countries (OPEC) +.
“However, Brent crude futures settled up $1.56, or 2.1%, at $76.85 a barrel, the highest close since Nov. 26, and a gain of 4.5% on the week as at 23rd December, 2021.
Additionally the U.S. West Texas Intermediate (WTI) crude futures ended up $1.03, or 1.4%, at $73.79 a barrel, to rise 4.1% on the week as at 23rd December, 2021. The surge in crude oil prices is due to Libyan
supply disruptions cutting supply of about 300,000 b/d and the lower anxiety towards the new Omicron variant because of the perception that, the variant is containable than previously feared.
“In Ghana, the National Petroleum Authority (NPA) indicated that the benchmark price for petrol/MT for setting ex-pump price of petrol in the 1st Window of January, 2022 is $707.95/MT.
“Again, the Benchmark price for diesel/MT for setting ex-pump price in the same widow is $641.38/MT. The NPA set the Ghana Cedi at Ghc6.4040 against a dollar.”
(By Laud Nartey)