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COPEC predicts fuel prices to go up July 1

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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 the pumps across the country.

The price increases, according to COPEC, are primarily due to the further drop of the Dollar to Cedi rate from an average of $1:GH¢14.4788 to $1:GH¢15.2779 ( -1.89%).

COPEC projects that the retail price of petrol is expected to increase by 2.17 percent of 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 LGP is expected to sell between GH¢13.24 per kg and GH¢14.64 per kg.

COPEC in its projection, remarked that the government must do all it can to reduce taxes on LPG or to subsidize the price of LPG to promote and encourage its nationwide accessibility and usage which will eventually help save the environment from further degradation by the use of firewood.

It further appealed to the government not to relent in getting the Tema Oil Refinery (TOR) back on stream to avoid or reduce the importation of finished products, with associated fuel contamination.

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