Fuel prices are expected to go up from tomorrow August 1, 2023, the Chamber of Petroleum Consumers (COPEC) has disclosed.
According to the Chamber, the prices of petrol and diesel are likely to increase averagely by about 9.0% over the current mean price of ¢11.90 per liter, whilst the price of Liquefied Petroleum Gas (LPG) goes up by about 20.0%.
Petrol will therefore sell at ¢13.27 per liter, whilst diesel will go for ¢13.93 per liter.
A 4.5 kilogramme LPG cylinder, is expected to sell at ¢170.91 within the window.
All pump prices are expected to be within ±5% error margin of COPEC's prediction.
COPEC said the expected increment of prices of petroleum products will be due to the rise in prices of finished products on the world market though the cedi improved in performance against the US dollar during the period.
“The following basic information forms the basis of projections for the coming window, that; prices of finished products on the international market has shot up by averagely around 12% for both petrol and diesel whiles Crude price has been increased by 10.53% from the mean price of $75.85/barrel to $83.84/barrel, even though the forex or dollar exchange rate has relatively decreased from a previous average of ¢11.7848 to ¢11.6433 (-1.20%) per $1”.
COPEC urged government to do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote or encourage its nationwide accessibility and usage which will eventually help save the environment.
In addition, it called for the reduction fuel taxes on petrol and diesel which is about 25%, to lessen the burden on consumers.
Latest Stories
-
Shippers’ Authority blocks arbitrary fee hikes with new regulatory powers
23 minutes -
Cedi to remain broadly stable in coming months; gained 30% against dollar since January 1
50 minutes -
Mahama declares galamsey a national emergency, orders arrest of rogue taskforces
53 minutes -
Ghana champions youth skills with national dialogue and launch of TVET Week 2025
59 minutes -
Ghana’s inflation to remain on a downward trajectory in second-half 2025 – Fitch Solutions
1 hour -
‘Deal with galamsey, the situation is urgent’ – National House of Chiefs president to Mahama
1 hour -
AG directs EOCO to investigate NDC executives cited in galamsey allegations
2 hours -
Mahama pledges 70% world market cocoa price to farmers
3 hours -
EOCO teams up with Nigerian agency to rescue trafficking victims
3 hours -
State funeral to be held for Joseph Kobina Ade Coker on August 1
3 hours -
Mahama orders arrest of fake anti-galamsey taskforce extorting miners
4 hours -
Joseph Kobina Ade Shino Coker
4 hours -
Royal Sweet Limited signs up for JoySports Invitational Tournament 2025
4 hours -
Ghanaian movie industry wasting talent – Gloria Sarfo
4 hours -
Ho West MP secures 100 international scholarships for constituents
5 hours