COPEC projects fuel price increase from July 1

Consumers of petroleum are expected to witness a price increase in products during the first pricing window of July 2024.

According to the Chamber of Petroleum Consumers (COPEC), the retail price of petrol at pumps is projected to rise by 2.17%, from the current average pump retail price of GH¢14.17 per litre to GH¢15.20 per litre.

This increase is primarily due to the depreciation of the Cedi against the US dollar. The current average exchange rate stands at $1:GH¢14.4788 to $1:GH¢15.2779 (-1.89%).

Furthermore, the retail prices of petrol, diesel, and liquefied petroleum gas (LPG) are set to increase starting July 1, 2024.

The average retail pump price of diesel is expected to rise to GH¢15.21 per litre, while LPG prices could range between GH¢13.24 per kg and GH¢14.64 per kg.

In a statement regarding these projections, the government has been urged to lower taxes on LPG products, as they are essential for many households.

COPEC has also called on the government to take action to improve the operations of the Tema Oil Refinery and address issues related to imported finished products and contamination.

MA