The Chamber of Petroleum Consumers (COPEC) has announced an anticipated 4 per cent increase in petroleum product prices in the upcoming pricing window, set to take effect on Tuesday, 16 July 2024.
This increase will impact the retail prices of Petrol, Diesel, and Liquefied Petroleum Gas (LPG).
In a statement issued on Sunday, 14 July 2024, COPEC, attributed the expected hike to the further depreciation of the cedi against the dollar.
The exchange rate has shifted from an average of USD1.2779 to USD1.462, reflecting a -1.205 per cent depreciation.
“Indications across the downstream petroleum market show that the pump retail prices of all three products – Petrol, Diesel, and LPG – will increase on Tuesday,” COPEC indicated.
According to COPEC, Petrol prices are expected to rise to GHS14.795 per litre, Diesel to GHS15.332 per litr,e and the mean price for both Petrol and Diesel to GHS15.064 per litre.
LPG is projected to be sold at GHS16.205 per kilogramme, with a 14.5 kg LPG cylinder anticipated to cost GHS234.97 within the window.
In response to these predicted increases, COPEC has reiterated its call for the government to alleviate the financial burden on consumers, particularly concerning LPG.
"COPEC maintains that the government must do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote and encourage its nationwide accessibility and usage, which will eventually help save the environment from further degradation by the use of firewood," the statement emphasised.
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