In the first pricing window beginning in July 2024, the Chamber for Petroleum Consumers (COPEC) has predicted that fuel prices will increase.
There are signs that nationwide increases in the retail cost of gasoline, diesel, and liquefied petroleum gas (LPG) are anticipated.
COPEC claims that the main cause of the price rises is the ongoing decline in the Dollar to Cedi exchange rate, which went from an average of $1:GH¢14.4788 to $1:GH¢15.2779 (-1.89%).
According to COPEC’s projections, the average retail price of gasoline will rise by 2.17 percent, from GH¢14.17 per liter to GH¢15.20 per liter.
LGP is anticipated to sell for between GH¢13.24 and GH¢14.64 per kg, while the mean retail pump price of diesel is predicted to increase to GH¢15.21 per liter.
In its projection, COPEC stated that in order to promote and support LPG’s nationwide accessibility and usage—which will ultimately help prevent the environment from further degrading due to the use of firewood—the government must do everything within its power to lower taxes on LPG or subsidize its price.
It also urged the government to go ahead with restarting the Tema Oil Refinery (TOR) in order to prevent or minimize the importation of completed goods that come with fuel taint.
