The Chamber for Petroleum Consumers (COPEC) has predicted a rise in fuel prices for the first pricing window of July 2024. This increase will impact the retail prices of petrol, diesel, and liquefied petroleum gas (LPG) at pumps nationwide.
COPEC attributes the anticipated price hike to the further depreciation of the Cedi against the Dollar, with the exchange rate dropping from an average of $1
¢14.4788 to $1
¢15.2779, a decline of 1.89%.
As a result, the retail price of petrol is projected to rise 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 increase to GH¢15.21 per litre, while LPG prices are projected to range between GH¢13.24 per kg and GH¢14.64 per kg.
COPEC has urged the government to reduce taxes on LPG or subsidise its price to encourage widespread use, 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.
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