The Chamber for Petroleum Consumers (COPEC) has forecasted an increase in fuel prices for the first pricing window of July 2024.
According to COPEC, consumers should anticipate higher costs at the pumps for petrol, diesel, and liquefied petroleum gas (LPG) across the nation.
This projected price hike is attributed to the depreciation of the Ghanaian cedi against the US dollar, with the exchange rate dropping from an average of $1:GH¢14.4788 to $1:GH¢15.2779, representing a 1.89% decrease.
COPEC’s analysis suggests that the retail price of petrol is likely to rise by 2.17%, pushing the current average pump price from GH¢14.17 per litre to approximately GH¢15.20 per litre.
Similarly, diesel prices are expected to increase to GH¢15.21 per litre. For LPG, consumers can expect prices to range between GH¢13.24 per kilogram and GH¢14.64 per kilogram.
In response to these anticipated increases, COPEC has called on the government to consider reducing taxes on LPG or implementing subsidies to make it more affordable and accessible. This measure, they argue, would encourage broader usage of LPG, helping to protect the environment by reducing reliance on firewood.
Additionally, COPEC has urged the government to expedite efforts to bring the Tema Oil Refinery (TOR) back into full operation. This move is seen as critical to minimizing the importation of finished petroleum products, which are often associated with issues of fuel contamination.
These recommendations underscore COPEC’s broader appeal to the government to take proactive steps to stabilize fuel prices and ensure the sustainable development of the country’s energy sector.