Fuel prices to go up by 4% on Tuesday – COPEC predicts
The Chamber of Petroleum Consumers (COPEC) has predicted a 4% rise in petroleum product prices in the next pricing window, effective Tuesday, July 16, 2024.
According to COPEC, indications across the downstream petroleum market show that the pump retail prices of all three products – Petrol, Diesel, and LPG – will increase on Tuesday.
In a statement dated Sunday, July 14, Duncan Amoah, Executive Secretary of COPEC, attributed the potential increase to the further depreciation of the cedi relative to the dollar rate, from an average of $1:GHS15.2779 to $1:GHS15.462 (-1.205%).
COPEC predicts that Petrol prices will rise to GHS14.795/L, Diesel to GHS15.332/L, and the Mean Price for Petrol and Diesel to GHS15.064/L, while LPG is likely to be sold at GHS16.205/kg. A 14.5 kg LPG cylinder is expected to be sold at GHS234.97 within the window.
COPEC reiterated its calls for the government to reduce taxes on LPG or subsidize its price to promote and encourage nationwide accessibility.
