Petroleum prices are expected to increase in the next pricing window beginning July 1, 2024, according to the Chamber of Petroleum Consumers (COPEC).
Executive Secretary Duncan Amoah attributed the projected price hike to the increased dollar to cedi exchange rate, which has dropped by 1.89% to $1:GHS15.2779.
“Indications are that the pump retail prices of Petrol, Diesel, and LPG will go up primarily due to the further drop of the Dollar:Cedi rate,” Amoah said.
COPEC projects that petrol prices will increase by 2.17% to GHS14.477/L, diesel by 6.47% to GHS15.210/L, and LPG by 9.04% to GHS13.942/kg.
Amoah appealed to the government to reduce taxes on LPG and petrol products, citing the burden on consumers.
“We request that government reduces tax rates or takes off some fuel taxes to lessen the burden on consumers.”
COPEC also urged the government to revive the Tema Oil Refinery (TOR) to avoid importing finished products and associated fuel contamination.
“The government must do all it can to reduce taxes on LPG or subsidize its price to promote nationwide accessibility and usage,” Amoah emphasized.
The projected price increases are within a ±5% range, according to COPEC’s analysis.
