The Chamber for Petroleum Consumers (COPEC) has predicted a rise in fuel prices for the first pricing window of July 2024.
This increase is expected to affect the retail prices of petrol, diesel, and liquefied petroleum gas (LPG) at pumps across the country.
COPEC attributes the anticipated price hike to a further depreciation of the Cedi against the Dollar, with the exchange rate dropping from an average of $1:GH¢14.4788 to $1:GH¢15.2779, a decline of 1.89%.
As a result, the retail price of petrol is projected to rise by 2.17 percent from the current average pump price of GH¢14.17 per litre to GH¢15.20 per litre.
Similarly, the mean retail pump price of diesel is expected to increase to GH¢15.21 per litre. The price of LPG is also projected to rise, with prices ranging between GH¢13.24 per kg and GH¢14.64 per kg.
In its projection, COPEC urged the government to reduce taxes on LPG or subsidise its price to encourage widespread use and accessibility, which would help protect the environment by reducing reliance on firewood.
Additionally, COPEC appealed to the government to expedite efforts to bring the Tema Oil Refinery (TOR) back into operation.
Latest Stories
-
Prof Kofi Amoako urges corporate entities, PSA, and MNEs to use their CSR dimensions to contribute to SDGs
29 mins -
NHIA makes June payment to 6 hospitals providing free dialysis treatment
1 hour -
Euro 2024: England come from behind to beat Slovakia to advance to quarterfinals
2 hours -
Petrol price to go up 2%, LPG by 5% from July 1, 2024 – IES
3 hours -
Judge upholds decision refusing protection for Ghanaian man who claimed he was persecuted for being gay
3 hours -
Joke Silva debunks rumor of husband Olu Jacobs’ death
3 hours -
One shot dead in Yunyoo in renewed communal clash
4 hours -
24-year-old welder sentenced to 25 years in hard labour for robbery
5 hours -
Disregard the fake news; IGP is still at post – Police Service
5 hours -
15-year old girl battles for her life after brutal attack by 21-year–old suspected ‘rapist’
5 hours -
Ahanta West: 60-year-old man accused of attempting to kill people spiritually burnt to death
6 hours -
GBA president calls for enhanced security and safety of judges
6 hours -
Spare the judiciary of your divisive politics- GBA tells politicians
7 hours -
You’re better than a pack of cooked rice; don’t let politicians use you for violence – GBA to youth
7 hours -
WASH expert urges focus on grey water to mitigate public health risk
9 hours