Fuel prices at pumps to increase by 2.17% starting tomorrow
The Chamber for Petroleum Consumers (COPEC) has projected a notable increase in fuel prices for the first pricing window of July 2024, attributing the anticipated hike to the further depreciation of the Cedi against the Dollar.
The exchange rate has fallen from an average of $1/GH¢14.47 to $1/GH¢15.27, a decline of 1.89%.
This currency depreciation is set to impact the retail prices of petrol, diesel, and liquefied petroleum gas (LPG) at pumps nationwide.
According to COPEC, the retail price of petrol is forecasted to rise by 2.17%, climbing from the current average pump price of GH¢14.17 per litre to GH¢15.20 per litre.
Similarly, the mean retail pump price of diesel is expected to increase to GH¢15.21 per litre.
LPG prices are also projected to surge, with prices ranging between GH¢13.24 per kg and GH¢14.64 per kg.
COPEC has called on the government to consider reducing taxes on LPG or subsidising its price to foster widespread use and accessibility, a move that could also support environmental protection by decreasing reliance on firewood.
Furthermore, COPEC has appealed to the government to expedite efforts to bring the Tema Oil Refinery (TOR) back into full operation, a step seen as crucial for stabilising and potentially lowering fuel prices in the long term.
