The Chamber of Petroleum Consumers (COPEC) is predicting that fuel prices may increase up to 11.9% within the second pricing window, which begins on August 16, 2023.
Petrol and diesel are expected to rise by 5.7%, while Liquefied Petroleum Gas(LPG) is likely to go up by 11.9%
This translated to GH¢12.97 per litre on average for petrol, while diesel will go for an average of GH¢13.43 per litre for the next two weeks of August.
On the other hand, LPG will see the highest increment.
For example, the 14.5 kilogramme LPG cylinder is expected to sell at ¢178.36 within the window.
According to COPEC, the expected increase is due to the 11% rise in prices of finished products on the international market and the 6.79% surge in the price of crude oil, even though the forex or dollar exchange rate has relatively decreased from a previous average of ¢11.7185 to ¢11.4538 (-2.26%) per $1.
All pump prices are expected to be within (±5%) error margin of COPEC’s prediction.
The Executive Secretary of COPEC, Duncan Amoah, urged the government to do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote its nationwide accessibility and usage which will eventually help to save the environment.
Additionally, COPEC is calling for a reduction or removal of some fuel taxes to lessen the burden on consumers. The total taxes and levies are about 25% of petrol and diesel retail prices.