Fuel Prices to go up July 1 – COPEC indicates

The Chamber for Petroleum Consumers (COPEC) is forecasting a rise in fuel prices for the first pricing window of July 2024.

COPEC predicts retail prices of petrol, diesel, and liquefied petroleum gas (LPG) to increase at pumps nationwide.

The primary reason for these price hikes is the 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%.

COPEC projects that the retail price of petrol will increase by 2.17%, 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 rise to GH¢15.21 per litre, and LPG is anticipated to sell between GH¢13.24 per kg and GH¢14.64 per kg.

In its projections, COPEC emphasized the need for the government to reduce taxes on LPG or subsidize its price to promote and encourage its nationwide accessibility and usage. This would help mitigate environmental degradation caused by the use of firewood.

COPEC also urged the government to prioritize getting the Tema Oil Refinery (TOR) back into operation to reduce the importation of finished fuel products and associated fuel contamination.