Fuel Prices To Go Up Again From July 1, COPEC Predicts 2% Increase

• The Chamber for Petroleum Consumers (COPEC) is projecting a rise in fuel prices from the start of July 2024
• The chamber has attributed the increase in fuel prices to the further depreciation of the cedi
• COPEC has urged the government to reduce taxes on LPG or to subsidise the price of LPG because of environmental concerns

The Chamber for Petroleum Consumers (COPEC) is projecting a rise in fuel prices in the first pricing window of July 2024.

Petrol, diesel, and liquefied petroleum gas are all expected to increase at the pumps across the country.

The price increases are mainly due to the further depreciation of the cedi, which has fallen from an average of GH¢14.4788 to GH¢15.2779 against the dollar.

The retail price of petrol is expected to increase by 2.17 percent of the current mean pump retail price of GH¢14.17 per litre to GH¢15.20 per litre.

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The mean retail pump price of diesel will also rise to GH¢15.21 per litre, while LGP is expected to sell between GH¢13.24 per kg and GH¢14.64 per kg.

COPEC has urged the government to reduce taxes on LPG or to subsidise the price of LPG.

This is to promote and encourage its nationwide accessibility and better protect the environment.

It further urged the government to work towards getting the Tema Oil Refinery (TOR) back on stream to avoid or reduce the importation of finished fuel products.

Before June, fuel prices had dropped on the international market, but the Institute for Energy Security noted that the worsening cedi prevented Ghanaians from benefiting.

The Institute of Economic Affairs recently proposed that Ghana adopt the dollar to stabilise the economy as the cedi loses its purchasing power.

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Dr Stephen Amoah defends government’s struggles with cedi depreciation

YEN.com.gh reported that Deputy Finance Minister Dr Stephen Amoah lamented the challenges fueling the cedi depreciation.

Speaking to the media, Amoah described it as a “ritual problem” needing a holistic solution.

The deputy minister cited the persistent demand for foreign currency due to high import levels as a significant problem.

Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh

Source: YEN.com.gh