For the upcoming pricing window, which begins on Tuesday, July 16, 2024, the Chamber of Petroleum Consumers (COPEC) has projected a 4% increase in the price of petroleum products.
COPEC reports that signs from the downstream petroleum market suggest that on Tuesday, the retail prices at the pump for all three products—petrol, diesel, and LPG—will go up.
The possible rise was ascribed by COPEC Executive Secretary Duncan Amoah in a statement dated Sunday, July 14, to the cedi’s continued depreciation against the dollar, which has caused it to fall from an average of $1:GHS15.2779 to $1:GHS15.462 (-1.205%).
According to COPEC, prices for petrol will increase to GHS14.795/L, for diesel to GHS15.332/L, and for the mean price of petrol and diesel to GHS15.064/L. The average price of LPG is anticipated to be GHS16.205/kg. Within the window, a 14.5 kg LPG cylinder is anticipated to be sold for GHS234.97.
COPEC restated its demands for the government to lower LPG taxes or subsidize its cost in order to support and encourage accessibility across the country.
“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.”
