Fuel prices are expected to increase for the first pricing window beginning in July 2024, according to the Chamber for Petroleum Consumers (COPEC).
The countrywide retail prices of petrol, diesel and liquefied petroleum gas (LPG) are anticipated to be impacted by this hike.
According to COPEC, the expected increase in prices is the result of the Cedi’s continued depreciation against the US dollar, with the average exchange rate falling from $1:GH¢14.4788 to $1:GH¢15.2779, a decrease of 1.89%.
As a result, the retail price of petrol is projected to rise by 2.17 percent from the current average pump price of GH¢14.17 per litre to GH¢15.20 per litre.
Likewise, it is anticipated that the average retail pump price of diesel will rise to GH¢15.21 per litre. It is anticipated that the cost of LPG will also increase, with prices ranging from GH¢13.24 to GH¢14.64 per kg.
In order to promote wider usage and accessibility of LPG and lessen dependency on firewood, COPEC recommended the government to lower taxes on the fuel or provide price subsidies.
Furthermore, the government was urged by COPEC to accelerate efforts to restart the Tema Oil Refinery (TOR).