- COPEC-GH has projected that the prices of petrol and diesel will increase by 9% from August 1 to August 15, 2023
- Within the same pricing window, the Chamber for Petroleum Consumers Ghana predicts that LPG will increase by 20%
- COPEC-GH's Executive Secretary Duncan Amoah told YEN.com.gh that the government must scrap taxes on fuel products to reduce the impact of the fuel price hikes
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August 2023 will open with a 9% increase in the prices of diesel and petrol but a whopping 20% increase in the price of Liquefied Petroleum Gas (LPG), according to COPEC-GH.
The downstream petroleum think tank has projected that the price increases for petrol and diesel will occur over the current mean price of GH¢11.90 per litre.
"Prices of finished products on the international market have shot up by averagely around 12% for both petrol and diesel while crude price has been increased by 10.53% from the mean price of $75.85/barrel to $83.84/barrel," COPEC-GH explained in a release.
COPEC-GH said that the marginal appreciation of the cedi against the dollar did not help to reduce the retail price of petroleum products.
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What fuel stations are likely to display from August 1, 2023
The Chamber of Petroleum Consumers Ghana projects that within a ±5% error margin the following will be the retail figures for petroleum products from August 1, 2023:
Petrol - GH¢13.27 per litre
Diesel - GH¢13.93 per litre
(The mean price for petrol and diesel is expected to be GH¢13.33 per litre).
LPG - GH¢11.79 per kg
(This means for a 14.5 kg LPG cylinder will be expected to sell at GHS170.91 within the window, i.e. August 1 to August 15, 2023.)
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Executive Secretary of COPEC-GH Duncan Amoah has told YEN.com.gh during a brief conversation that to make the effects of the fuel price increase bearable, the government must remove taxes on LPG, predominantly used by homes for cooking.
"We urge the govenment to do all it can to reduce taxes on LPG or to subsidise the price of LPG. This is important because it will promote nationwide accessibility and usage of the product. This will also eventually help save the environment," he told YEN.com.gh.
He also said total taxes and levies on petrol and diesel sum up to about 25% of the retail prices, which is high.
"COPEC is by this advocating for reduction or to take off some of the fuel taxes to lessen the burden on consumers," said Duncan Amoah.
Ghana's first privately owned refinery to start operation by end of August 2023
Meanwhile, YEN.com.gh has reported that a privately owned oil refinery will soon start production in August 2023.
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The Sentuo Oil Refinery is a $1.98 billion facility that would be sited at Tema in the Greater Accra Region.
When the refinery comes on stream in August, it will produce five metric tonnes of petroleum products.
Experts have explained that a local refinery will beat down the cost of petroleum products for consumers.
Inflation rate rises for a second consecutive month in July
Also, Ghana's inflation rate rose for the second successive month, according to the Ghana Statistical Service.
Prices of goods and services in June 2023 rose to 42.5% after the May 2023 figure of 42.2%.
Food inflation increased to 54.2% in June 2023 after a figure of 51.8% in May 2023.
6 highlights from Ofori-Atta's mid-year budget presentation
On July 31, 2023, the finance minister presented the 2023 mid-year budget review to Parliament in according to the law.
Ken Ofori-Atta said the economy was making modest gains in efforts to reverse the severe economic hardship that hit hardest in 2022.
One of the highlights of the presentation is that Ghana's economy is bouncing back to life.
Ofori-Atta said the economy is making modest gains in efforts to reverse the severe economic hardship that hit hardest in 2022.
According to him, the government's policies introduced to bring the economy back to winning ways are yielding positive outcomes.
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