The Chamber for Petroleum Consumers (COPEC) has projected a rise in fuel prices for the first pricing window of July 2024. COPEC attributes this expected increase to the depreciation of the Ghanaian Cedi against the US Dollar, which has dropped from an average of $1:GH¢14.4788 to $1:GH¢15.2779, a change of -1.89%.
According to COPEC, the retail price of petrol is anticipated to rise by 2.17%, moving from the current average 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, while the price of liquefied petroleum gas (LPG) is projected to range between GH¢13.24 per kg and GH¢14.64 per kg.
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In its statement, COPEC urged the government to reduce taxes on LPG or subsidize its price to promote wider accessibility and usage, which would help protect the environment by reducing reliance on firewood. Additionally, COPEC emphasized the importance of getting the Tema Oil Refinery (TOR) operational again to minimize the importation of finished fuel products and reduce the risk of fuel contamination.
