The Chamber of Petroleum Consumers (COPEC) has predicted a 4 per cent increase in petroleum product prices in the upcoming pricing window beginning Tuesday, July 16, 2024.
According to COPEC, the increase is due to further depreciation of the cedi to the dollar rate from an average of $1:GHS15.2779 to $1:GHS15.462P ( -1.205%)
In a statement, the Executive Secretary of COPEC, Duncan Amoah, petrol prices are expected to rise to GH¢14.795 per litre, diesel to GH¢15.332 per litr,e and the mean price for both Petrol and Diesel to GHS15.064 per litre while LPG is projected to be sold at GH¢16.205 per kilogramme, with a 14.5 kg LPG cylinder anticipated to cost GH¢234.97 within the window.
Meanwhile, COPEC has reiterated its call for the government to alleviate the financial burden on consumers, particularly concerning LPG.
“COPEC maintains 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,” the statement emphasized.
The chamber further appeal to government not to relent in getting the Tema Oil Refinery (TOR) back on stream in order to avoid or reduce the importation of finished products, with associated fuel contamination.