COPEC predicts 14.81% increment in petrol, diesel prices at pumps effective today
The Chamber of Petroleum Consumers (COPEC) is predicting an increase in the pump price of petrol and diesel set to take effect from February 16, 2024. According to COPEC’s analysis, petrol prices are poised to experience a notable uptick of 6.63%, while diesel prices are anticipated to surge by 8.18% – indicating a cumulative increase of 14.81% in pump price.
With the projected adjustments, petrol rates are expected to range between GH¢12.02 and GH¢13.29 per litre, marking a significant departure from the previous GH¢11.87 per litre. Similarly, diesel costs are forecasted to climb, ranging from GH¢13.21 to GH¢14.60 per litre, compared to the prior rate of GH¢12.85 per litre.
COPEC attributes these impending price hikes to the dual factors of the cedi’s depreciation and the mounting costs of finished petroleum products on the global stage. International market dynamics reveal a 1.75% surge in petrol prices, a 6.02% spike in diesel prices, and a 1.39% increase in crude oil prices, rising from $81.30/barrel to $82.43/barrel.
Furthermore, the forex exchange rate has seen a 2.16% surge, climbing from an average of GH¢12.0160 to GH¢12.4230 per $1.
The National Petroleum Authority’s (NPA) decision to augment local taxes, including the UPPF, Primary Distribution Margin (PDM), and BOST margin by 20 pesewas per litre of petrol and diesel, further exacerbates the situation.
COPEC voices strong opposition to the government’s inclination towards escalating taxes and margins on petroleum products, arguing that such measures intensify the economic strain on Ghanaian citizens. The organization cautions against what it perceives as covert tax hikes embedded within the price structure, which it contends only exacerbates the financial burden on the populace.
