Fuel Prices to go up July 1 – COPEC Predicts

The Chamber for Petroleum Consumers (COPEC) has forecasted an increase in fuel prices for the first pricing window of July 2024.

According to COPEC, retail prices for petrol, diesel, and liquefied petroleum gas (LPG) are expected to rise at pumps nationwide.

The primary reason for the projected price hike is the further depreciation of the Ghanaian Cedi against the US Dollar, with the exchange rate falling from an average of $1:GH¢14.4788 to $1:GH¢15.2779, representing a 1.89% decline.

COPEC estimates that the retail price of petrol will increase by 2.17%, from the current average pump price of GH¢14.17 per litre to GH¢15.20 per litre. The average retail pump price of diesel is also expected to rise to GH¢15.21 per litre, while LPG prices are projected to range between GH¢13.24 and GH¢14.64 per kilogram.

In its projection, COPEC urged the government to reduce taxes on LPG or subsidize its price to enhance accessibility and encourage its use across the country. This move would help protect the environment by reducing the reliance on firewood.

COPEC also called on the government to expedite the reactivation of the Tema Oil Refinery (TOR) to minimize the importation of finished petroleum products and reduce the risk of fuel contamination.