Fuel prices to go up July 1 – COPEC

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

According to COPEC, retail prices of petrol, diesel, and liquefied petroleum gas (LPG) are expected to increase across the country.

This anticipated hike is attributed primarily 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, marking a 1.89% decline.

COPEC forecasts 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.

Diesel is expected to see a similar rise, reaching GH¢15.21 per litre. LPG prices are projected to range 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 its nationwide accessibility and usage.

This measure would help reduce environmental degradation caused by the use of firewood. COPEC also urged the government to expedite the reactivation of the Tema Oil Refinery (TOR) to minimize the importation of finished products and associated fuel contamination.

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