The Chamber of Petroleum Consumers (COPEC) has projected a 4% rise in petroleum product prices in the next pricing window, effective Tuesday, July 16, 2024.
Indications are that the retail price of petrol, diesel, and liquefied petroleum gas (LPG) is expected to increase at the pumps across the country.
In a statement issued on Sunday, July 14, Executive Secretary of COPEC, Duncan Amoah, attributed the potential increase to the further depreciation of the cedi relative to the dollar rate, from an average of $1:GH¢15.277 to $1:GH¢15.462 (-1.205%).
COPEC projects that petrol prices will rise to GH¢14.795/L, diesel to GH¢15.332/L, and the mean price for petrol and diesel to GH¢15.064/L, while LPG is likely to be sold at GH¢16.205/kg.
A 14.5 kg LPG cylinder is expected to be sold at GH¢234.97 within the window.
COPEC in its projection, remarked that the government must do all it can to reduce taxes on LPG or subsidize its price to promote and encourage nationwide accessibility.
“COPEC maintains that the government must do all it can to reduce taxes on LPG or to subsidize 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.”
COPEC further appealed to the government not to relent in getting the Tema Oil Refinery (TOR) back on stream in order to avoid or reduce the importation of finished products.