Fuel prices are projected to rise further at the pump during the second pricing window beginning Sept. 16, the Chamber of Oil Marketing Companies (COMAC) said, citing higher crude oil and refined-product prices, renewed tensions in the Middle East and depreciation of the local currency.
In its price outlook, a copy of which was seen by Energy News Africa, COMAC projected that petrol prices could rise by between 7.75% and 9.63%, diesel by 4.26% to 6.97%, and liquefied petroleum gas (LPG) by 0.85% to 3.22%.
The projected increases are based on the price floors for petrol, diesel and LPG for the second pricing window of September.
According to industry data seen by Energy News Africa, the petrol price floor for the second pricing window has been increased to GH¢16 per litre, while the diesel floor has risen to GH¢16.77 per litre.
The minimum price for LPG has also been increased to GH¢10.97 per kilogramme.
The petrol price floor increased by GH¢1.47 per litre, from GH¢14.53 to GH¢16, while the diesel floor rose by GH¢1.17, from GH¢15.60 to GH¢16.77.
The LPG floor price recorded a marginal increase of GH¢0.12 per kilogramme, from GH¢10.85 to GH¢10.97.
For the second pricing window, average crude oil prices rose by 12.29% to $104.01 per barrel, crossing the $100-per-barrel mark for the first time since May.
COMAC attributed the increase to attacks on vessels in the Gulf and tightening supply following Saudi Arabia’s closure of a major crude oil pipeline.
“The increase was driven by vessel attacks in the Gulf and tightening of supply following Saudi Arabia’s closure of a major crude oil pipeline,” COMAC said in its pricing outlook.
“The East-West pipeline closure has put about 4 million barrels at risk, pushing crude prices higher amid renewed U.S.-Iran tensions, Houthi advances and attacks on Saudi Arabia,” it said.
The local currency depreciated by 1.01% to GH¢11.4849 to the U.S. dollar between August 27 and September 11, according to COMAC.
Petrol prices rose from $1,126 per metric tonne to $1,275 per metric tonne, while diesel prices increased to $1,418 per metric tonne from $1,319.11 per metric tonne.
LPG prices also increased, rising from $616 per metric tonne to $717.59 per metric tonne.
During the first pricing window, the average price of petrol was GH¢15.67 per litre, while diesel and LPG averaged GH¢17.27 per litre and GH¢16.64 per kilogramme, respectively.
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