The Chamber of Petroleum Consumers (COPEC) has forecasted an increase in fuel prices for the first pricing window of July 2024.
Petrol, diesel, and liquefied petroleum gas (LPG) prices are anticipated to rise at the pumps throughout the country.
COPEC cites the further depreciation of the Cedi against the Dollar, from an average rate of $1:GH¢14.4788 to $1:GH¢15.2779 (-1.89%), as the primary reason for the increase.
They estimate that the retail price of petrol will go up by 2.17 percent from the current average of GH¢14.17 per litre to GH¢15.20 per litre.
The average retail pump price of diesel is also projected to rise to GH¢15.21 per litre, while LPG is expected to be priced between GH¢13.24 per kg and GH¢14.64 per kg. COPEC, in its forecast, urged the government to reduce taxes on LPG or subsidize its price to enhance nationwide accessibility and usage, which would help protect the environment from the harmful effects of using firewood.
Additionally, COPEC appealed to the government to expedite efforts to get the Tema Oil Refinery (TOR) operational again to minimize or eliminate the need for importing finished products, which are prone to fuel contamination.
