The Chamber of Petroleum Consumers (COPEC) has forecasted a 4% rise in petroleum product prices in the upcoming pricing window, set to take effect on Tuesday, July 16, 2024.
COPEC’s analysis of the downstream petroleum market indicates that retail pump prices for Petrol, Diesel, and LPG will all see increases starting Tuesday.
In a statement released on Sunday, July 14, Duncan Amoah, the Executive Secretary of COPEC, attributed the expected price hikes to the further depreciation of the cedi against the dollar, with the exchange rate worsening from an average of $1:GHS15.2779 to $1:GHS15.462 (-1.205%).
The new prices are anticipated to be GHS14.795 per liter for Petrol, GHS15.332 per liter for Diesel, and a mean price of GHS15.064 per liter for both Petrol and Diesel. LPG is expected to be priced at GHS16.205 per kilogram, with a 14.5 kg LPG cylinder projected to cost GHS234.97.
COPEC has reiterated its appeal to the government to reduce taxes on LPG or subsidize its price to enhance its accessibility and encourage usage across the country, highlighting the environmental benefits of reducing reliance on firewood.
