Fuel prices set to go up as announced by COPEC
The Chamber of Petroleum Consumers (COPEC) has forecasted a rise in fuel prices beginning February 16, 2024. COPEC predicts a potential 6.63% increase in petrol prices and an 8.18% increase in diesel prices. Consequently, petrol may be retailed between GH¢12.02 and GH¢13.29 per litre, up from the previous GH¢11.87 per litre, while diesel is expected to range between GH¢13.21 and GH¢14.60 per litre, compared to the previous GH¢12.85 per litre.
The projected retail price for Liquified Petroleum Gas (LPG) is estimated to average GH¢13.24 per kilogramme, with a margin of error of ±5%. These price hikes are attributed to the cedi’s depreciation and increasing international prices of finished petroleum products. Factors such as a 1.75% rise in petrol prices, a 6.02% increase in diesel prices, and a 1.39% rise in crude oil prices from $81.30/barrel to $82.43/barrel contribute to the escalation.
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Additionally, the dollar exchange rate has risen by 2.16%, from an average of GH¢12.01603 to GH¢12.4230 per $1. Moreover, the National Petroleum Authority (NPA) has raised local taxes on petrol and diesel, including the UPPF, Primary Distribution Margin (PDM), and BOST margin by 20 pesewas per litre for both fuels. COPEC emphasizes the adverse impact of government’s practice of covertly increasing taxes and margins on petroleum products, urging a cessation of this approach to alleviate economic strain on Ghanaians.
