Petrol Prices Projected To Increase To Almost GH¢13: COPEC Calls For Review Of Taxes On Fuel Products

• The Chamber of Petroleum Consumers (COPEC) expects fuel prices to increase by 5.7% later in August
• COPEC, in a statement, said the average price of petrol would increase from GH¢12.45 per litre to GH¢12.97
• The chamber called on the government to review taxes on petroleum products in light of the recent increases.

The Chamber of Petroleum Consumers (COPEC) is projecting a 5.7% increase in fuel prices later in August.

The chamber expects the average price of petrol to rise to GH¢12.97 from the current GH¢12.45 per litre.

COPEC, in a statement, noted that the price of LPG will also increase to about 11.9% within the same period.

The Chamber has earmarked Wednesday, August 16, 2023, as the date for the fuel price increases.

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“Prices of finished products on the international market have shot up averagely around 11% for both petrol and diesel whiles crude price has been increased by 6.79% from the mean price of $80.67/barrel to $86.15/barrel, even though the forex or Dollar exchange rate has relatively decreased from a previous average of GHS11.7185 to GHS11.4538 (-2.26%) per $1,” it explained.

Fuel prices saw a rise during the first pricing window of August 2023.

COPEC also called for a reduction on taxes on LPG or to subsidise the price of LPG to improve accessibility and usage.

“In addition, currently, the total taxes and levies are about 25% of the retail prices of Petrol and Diesel. COPEC is by this advocating for reduction or to take off some of the fuel taxes to lessen the burden on consumers,” the chamber added.

Gold-for-Oil policy championed by Bawumia

YEN.com.gh previously reported that Vice President Dr Mahamudu Bawumia announced the government’s intention to pursue a Gold-for-Oil Policy in December 2022.

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The move, the vice president explained, is part of measures to reduce pressure on the local currency and to provide short-term economic relief to fuel consumers in Ghana.

Since then, the government has been accused of poorly thinking through the policy and exposing the country to disruptions in the petroleum market.

Also, civil society groups say the government failed to consult them for their input before rolling out the crucial policy, which is feared could disrupt the sector.

Despite these concerns, the vice president has said the policy was achieving success.

Source: YEN.com.gh