The Chamber for Petroleum Consumers (COPEC) has predicted a rise in fuel prices for the first pricing window of July 2024.
This increase is expected to affect the retail prices of petrol, diesel, and liquefied petroleum gas (LPG) at pumps across the country.
COPEC attributes the anticipated price hike to a further depreciation of the Cedi against the Dollar, with the exchange rate dropping from an average of $1:GH¢14.4788 to $1:GH¢15.2779, a decline of 1.89%.
As a result, the retail price of petrol is projected to rise by 2.17 percent from the current average pump price of GH¢14.17 per litre to GH¢15.20 per litre.
Similarly, the mean retail pump price of diesel is expected to increase to GH¢15.21 per litre. The price of LPG is also projected to rise, with prices ranging between GH¢13.24 per kg and GH¢14.64 per kg.
In its projection, COPEC urged the government to reduce taxes on LPG or subsidise its price to encourage widespread use and accessibility, which would help protect the environment by reducing reliance on firewood.
Additionally, COPEC appealed to the government to expedite efforts to bring the Tema Oil Refinery (TOR) back into operation.
Credit: myjoyonline.com