Fuel Prices To Go Up Again From July 16, COPEC Predicts 4% Increment

• The Chamber of Petroleum Consumers (COPEC) has forecasted a 4% hike in petroleum product prices effective July 16, 2024
• COPEC blames the fuel price hike on the cedi's recent depreciation against the dollar by 1.205%
• COPEC says the only way to reduce the price of fuel is for the government to reduce taxes on the retail price of fuel or remove some taxes entirely

The Chamber of Petroleum Consumers (COPEC) has projected a 4% increase in petroleum product prices effective Tuesday, July 16, 2024.

COPEC says the retail prices of petrol, diesel and LPG are expected to rise due to the cedi’s further depreciation against the dollar.

This comes after the cedi shifted from $1:GH₵15.2779 to $1:GH₵15.462 (-1.205%).

The COPEC Executive Secretary, Duncan Amoah, listed the expected price changes in a press statement on Saturday, July 13, 2024.

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Petrol would now sell at GH₵14.795 per litre, diesel at GH₵15.332 per litre, and LPG at GH₵16.205 per kilogramme, with a 14.5 kg cylinder reaching GH₵234.97.

COPEC urges the government to work towards reducing fuel prices

The Chamber of Petroleum Consumers urged the government to cut taxes or subsidise the price of LPG to encourage its nationwide accessibility and usage.

COPEC noted that using LPG gas would eliminate the use of firewood, saving the environment from further degradation.

Duncan Amoah stated that the total taxes and levies on petrol and diesel retail prices amount to a staggering 22.56%.

COPEC said that considering the prevailing economic conditions and the dependence on fuel products would serve the government well in reducing taxes or removing some tax handles to reduce their impact on consumers’ pockets.

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COPEC also appealed to the government to intensify efforts to get the Tema Oil Refinery (TOR) back on stream to reduce the importation of finished products, which tend to increase the risk of fuel contamination.

Two transport unions arbitrarily increase fares

Earlier this year, two transport unions increased their fares in response to the recent hike in petroleum products.

This was contained in a joint press statement issued by the Concerned Drivers Association of Ghana and the Transport Operators Union of Ghana on April 8, 2024.

According to the transport operators, they have no option but to increase the fares in response to the prevailing economic hardships and other factors worsening their living conditions.

They noted that the Ghanaian government's callousness towards transport operators has also not gone unnoticed during these trying times.

GPRTU and GRTCC urge commuters to disregard new fares

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YEN.com.gh reported that the Ghana Private Roads and Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council (GRTCC) have urged commuters to disregard the new transport fare hikes.

According to them, the new fares have not been approved and are, thus, illegal and arbitrary.

This follows two other transport unions' 20% hike in transport fares, citing worsening living conditions and fuel price hikes.

Source: YEN.com.gh