The Chamber for Petroleum Consumers (COPEC) has projected a rise in fuel prices in the first pricing window of July 2024.
Indications are that the retail price of petrol, diesel, and liquefied petroleum gas (LPG) is expected to increase at pumps across the country.
According to COPEC, these price increases are primarily due to the further depreciation of the Cedi against the Dollar, with the exchange rate moving from an average of $1: ¢14.4788 to $1:¢15.2779 (-1.89%).
COPEC projects that the retail price of petrol is expected to increase by 2.17 percent from the current mean pump retail price of GH¢14.17 per litre to GH¢15.20 per litre.
The mean retail pump price of diesel is also expected to rise to GH¢15.21 per litre, while LPG is expected to sell between GH¢13.24 per kg and GH¢14.64 per kg.
COPEC remarked that the government must take measures to reduce taxes on LPG or subsidise its price to promote and encourage nationwide accessibility and usage, which will help save the environment from further degradation caused by the use of firewood.
It further appealed to the government to prioritise getting the Tema Oil Refinery (TOR) back on stream to reduce the importation of finished products and associated fuel contamination.
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