The Chamber of Petroleum Consumers (COPEC) has projected marginal increases in the prices of petrol and diesel at the pumps when the second pricing window for July takes effect on July 16, citing rising international prices of refined petroleum products and the slight depreciation of the cedi against the US dollar.

According to COPEC, the anticipated adjustments come despite a decline in global crude oil prices during the pricing period, with Brent crude falling from about US$78 per barrel to US$71.90 per barrel.

The Chamber explained that while crude oil prices softened, international prices for refined petroleum products rose significantly, offsetting the decline. It also noted that the cedi weakened by 0.56 per cent against the US dollar over the review period, adding further pressure to domestic fuel prices.

COPEC said the Free-on-Board (FOB) price of petrol increased by 5.4 per cent, rising from US$920.34 per metric tonne to US$970.63 per metric tonne. Based on current market trends, the Chamber expects petrol to sell between GH¢13.15 and GH¢14.53 per litre, depending on the pricing decisions of individual Oil Marketing Companies (OMCs).

Diesel is also expected to become more expensive after its international FOB price climbed by 8.75 per cent, increasing from US$896.02 per metric tonne to US$974.40 per metric tonne. COPEC projects diesel prices to range between GH¢14.16 and GH¢15.65 per litre.

Liquefied Petroleum Gas (LPG), however, is expected to record a slight reduction in price following a marginal 0.52 per cent decline in its international FOB price, from US$548.50 per metric tonne to US$545.65 per metric tonne. The Chamber forecasts LPG to retail between GH¢9.47 and GH¢10.46 per kilogram.

Despite forecasting higher prices for petrol and diesel, COPEC has appealed to Oil Marketing Companies to exercise restraint and, where possible, maintain existing pump prices to cushion consumers.

Meanwhile, the National Petroleum Authority (NPA) has raised the official price floors for petrol, diesel and LPG for the second pricing window of July, reversing the downward trend recorded in recent weeks.

According to the revised benchmarks, the minimum price for petrol has increased from GH¢12.79 to GH¢13.28 per litre, representing a rise of GH¢0.49 or 3.8 per cent.

The diesel price floor has also been adjusted upward from GH¢13.54 to GH¢14.35 per litre, an increase of GH¢0.81 or 6 per cent.

For LPG, the minimum price has been revised from GH¢10.11 to GH¢10.19 per kilogram, reflecting a marginal increase of GH¢0.08, representing 0.8 per cent.

The revised price floors establish the minimum prices that Oil Marketing Companies and LPG Marketing Companies are permitted to charge during the pricing window under the Petroleum Product Pricing Guidelines.

The latest upward adjustments come amid renewed geopolitical tensions in the Middle East, particularly involving the United States and Iran, which have heightened uncertainty in global energy markets and pushed international crude oil prices above US$80 per barrel.

Industry observers warn that if international crude prices continue to rise and the cedi weakens further, consumers could face additional increases in ex-pump fuel prices in the coming pricing windows.