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Starting from Friday, June 16, 2023, there is an expected increase in petrol and diesel prices. However, the cost of Liquefied Petroleum Gas (LPG) will remain unchanged. This upcoming price hike marks the first consecutive increase since the beginning of June 2023.
The Chamber for Petroleum Consumers (COPEC) attributes the anticipated rise in petrol and diesel prices to a 4.16% depreciation of the cedi against the dollar over the past two weeks. Although the crude oil price has slightly declined from an average of $76.04 per barrel to $75.46 per barrel (-0.76%), the exchange rate has increased from 11.3394 to 11.8111 cedis per dollar (4.16%) in the same period.
According to COPEC, petrol is expected to be sold at an average price of ¢12.21 per liter, while diesel will be priced at ¢12.27 per litre. Meanwhile, the cost of LPG will be ¢10.40 per kilogram. Consequently, a 14.5-kilogram LPG cylinder will be priced at ¢150.85.
In light of these developments, COPEC urges the government to lower taxes on LPG or provide subsidies to make the commodity more accessible and encourage its widespread usage, ultimately contributing to environmental preservation.
The current total taxes and levies account for approximately 25% of petrol and diesel retail prices. Thus, COPEC advocates for reducing or eliminating some fuel taxes to alleviate the financial burden on consumers.
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Source: Omanghana.com
