Petroleum prices expected to rise in the upcoming pricing window -COPEC

According to the Chamber of Petroleum Consumers (COPEC), petroleum prices are expected to rise in the upcoming pricing window starting July 1, 2024.

Executive Secretary Duncan Amoah attributed the anticipated price hike to the recent weakening of the cedi against the dollar, which has fallen by 1.89% to $1.2779.

“There are indications that the retail prices of Petrol, Diesel, and LPG at the pump will increase primarily due to the further decline in the Dollar

exchange rate,” Amoah stated.

COPEC forecasts a 2.17% increase in petrol prices to GHS14.477/L, a 6.47% rise in diesel prices to GHS15.210/L, and a 9.04% hike in LPG prices to GHS13.942/kg.

Amoah urged the government to consider reducing taxes on LPG and petroleum products, highlighting the financial strain on consumers.

“We urge the government to lower tax rates or eliminate some fuel taxes to alleviate the burden on consumers.”

COPEC also called on the government to revive operations at the Tema Oil Refinery (TOR) to reduce reliance on imported finished products and the associated risks of fuel contamination.

“The government should make efforts to reduce taxes on LPG or subsidize its price to promote wider accessibility and usage,” Amoah emphasized.

COPEC’s analysis suggests that the projected price increases fall within a ±5% margin.