The Chamber for Petroleum Consumers (COPEC) has announced a projected rise in fuel prices for the first pricing window of July 2024.
According to COPEC, the retail prices of petrol, diesel, and liquefied petroleum gas (LPG) are expected to increase at pumps nationwide.
This price hike is attributed to a further depreciation of the Dollar to Cedi rate, which has dropped from an average of $1:GH¢14.4788 to $1:GH¢15.2779, a -1.89% decline.
COPEC projects a 2.17% increase in the retail price of petrol, moving from the current average pump price of GH¢14.17 per litre to GH¢15.20 per litre. The average retail price of diesel is also expected to rise to GH¢15.21 per litre. LPG prices are anticipated to range 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 provide subsidies to promote its nationwide accessibility and usage, which would help mitigate environmental degradation caused by the use of firewood.
Additionally, COPEC appealed to the government to expedite the reactivation of the Tema Oil Refinery (TOR) to reduce reliance on imported finished products and avoid fuel contamination issues.
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