COPEC Predicts 4% Increase in Fuel Prices Starting Tuesday

The Chamber of Petroleum Consumers (COPEC) has forecasted a 4% increase in petroleum product prices beginning Tuesday, July 16, 2024.

This rise affects Petrol, Diesel, and LPG prices due to the further depreciation of the cedi against the dollar.

According to a statement by Duncan Amoah, Executive Secretary of COPEC, the depreciation rate has shifted from $1:GHS15.2779 to $1:GHS15.462, marking a 1.205% decrease.

Consequently, petrol prices are expected to reach GHS14.795/L, diesel GHS15.332/L, and LPG GHS16.205/kg. A 14.5 kg LPG cylinder may cost around GHS234.97.

COPEC has called for government action to reduce taxes on LPG or subsidize its price to enhance accessibility and environmental protection.

The organization highlighted that current taxes and levies on petrol and diesel constitute approximately 22.56% of retail prices, urging a tax reduction to ease consumer burden.

They also emphasized the need to restart the Tema Oil Refinery to reduce dependency on imported finished products.