The Chamber for Petroleum Consumers (COPEC) anticipates that fuel prices will rise in the upcoming July 2024 pricing window.
They project increases in retail prices for petrol, diesel, and liquefied petroleum gas (LPG) nationwide.
The price hikes are primarily linked to a decrease in the dollar-cedi exchange rate, dropping from an average of $1 to GH¢14.4788 to $1 to GH¢15.2779 (-1.89%).
According to COPEC, the retail price of petrol is expected to increase by 2.17%, from the current average pump price of GH¢14.17 per litre to GH¢15.20.
Diesel prices at the pump are forecast to rise to GH¢15.21 per litre, while LPG is projected to range between GH¢13.24 and GH¢14.64 per kilogram.
COPEC’s prediction emphasises the government’s potential role in reducing LPG taxes or subsidising prices to encourage wider usage, thereby contributing to environmental conservation by reducing reliance on firewood.
Additionally, COPEC urges the government to prioritise restarting operations at the Tema Oil Refinery (TOR) to minimise imports and associated fuel emissions.
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