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Fuel prices will likely increase in the first pricing window beginning in July 2024, according to the Chamber for Petroleum Consumers (COPEC).
There are signs that the nation’s retail prices for liquefied petroleum gas (LPG), diesel, and gasoline are predicted to rise.
The Dollar to Cedi rate continued to decline, from an average of $1:GH¢14.4788 to $1:GH¢15.2779 (-1.89%), which is the main cause of the price hikes, according to COPEC.
According to COPEC’s projections, the average pump retail price of GH¢14.17 per liter will rise by 2.17 percent to GH¢15.20 per liter at retail.
LGP is anticipated to sell for between GH¢13.24 and GH¢14.64 per kg, while the mean retail pump price of diesel is predicted to increase to GH¢15.21 per liter.
In its projection, COPEC stated that in order to promote and support LPG’s nationwide accessibility and usage—which will ultimately help prevent the environment from further degrading due to the use of firewood—the government must do everything within its power to lower taxes on LPG or subsidize its price.
It also urged the government to go ahead with restarting the Tema Oil Refinery (TOR) in order to prevent or minimize the importation of completed goods that come with fuel taint.
Source: Ghanatodayonline.com
