The Chamber for Petroleum Consumers (COPEC) has predicted a rise in fuel prices for the first pricing window of July 2024.
This increase is expected to affect the retail prices of petrol, diesel, and liquefied petroleum gas (LPG) at pumps across the country.
COPEC attributes the anticipated price hike to a further depreciation of the Cedi against the Dollar, with the exchange rate dropping from an average of $1:GH¢14.4788 to $1:GH¢15.2779, a decline of 1.89%.
Executive Secretary of COPEC, Duncan Amoah speaking to the media said, retail price of petrol is projected to rise by 2.17 percent from the current average pump price of GH¢14.17 per litre to GH¢15.20 per litre.
According to him, similarly, the mean retail pump price of diesel is expected to increase to GH¢15.21 per litre. The price of LPG is also projected to rise, with prices ranging between GH¢13.24 per kg and GH¢14.64 per kg.
In his projection, Duncan Amoah urged the government to reduce taxes on LPG or subsidise its price to encourage widespread use and accessibility, which would help protect the environment by reducing reliance on firewood.
