The Chamber for Petroleum Consumers (COPEC) has forecasted an increase in fuel prices in the first pricing window of July 2024.
Retail prices for petrol, diesel, and liquefied petroleum gas (LPG) are expected to rise at pumps nationwide.
COPEC attributes the anticipated price hikes to 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%.
Petrol prices are projected to increase by 2.17%, raising the current mean pump price from GH¢14.17 per litre to GH¢15.20 per litre.
Diesel prices are also expected to rise to GH¢15.21 per litre, while LPG is projected to sell between GH¢13.24 and GH¢14.64 per kilogram.
In its projection, COPEC urged the government to reduce taxes on LPG or subsidize its price to promote wider accessibility and usage, which would help protect the environment by reducing reliance on firewood.
Additionally, COPEC called on the government to prioritize the reactivation of the Tema Oil Refinery (TOR) to minimize the importation of finished petroleum products and reduce the risk of fuel contamination.
