Chamber for Petroleum Consumers (COPEC) has projected an increase in fuel prices for the first pricing window of July 2024, citing factors such as a recent drop in the Dollar to Cedi exchange rate from an average of $1¢14.4788 to $1¢15.2779 (-1.89%).
The organization forecasts that petrol’s retail price will rise by approximately 2.17%, from the current mean pump price of GH¢14.17 per litre to GH¢15.20 per litre.
Similarly, diesel is expected to climb to GH¢15.21 per litre, while LPG prices are anticipated to range between GH¢13.24 and GH¢14.64 per kg.
COPEC highlighted the importance of government actions to reduce taxes on LPG or introduce subsidies to enhance its accessibility and promote nationwide usage, thereby aiding environmental preservation by reducing reliance on firewood.
Additionally, COPEC urged the government to prioritize efforts to revive the Tema Oil Refinery (TOR) to reduce or eliminate the need for importing finished petroleum products, which often results in fuel contamination issues.