Fuel prices expected to go up by 9.0% from August 1, 2023 – COPEC

Fuel prices are expected to go up from tomorrow August 1, 2023, the Chamber of Petroleum Consumers (COPEC) has disclosed. According to the Chamber, the prices of petrol and diesel are likely to increase averagely by about 9.0% over the current mean price of ¢11.90 per liter, whilst the price of Liquefied Petroleum Gas (LPG) goes up by about 20.0%.

Petrol will therefore sell at ¢13.27 per liter, whilst diesel will go for ¢13.93 per liter. A 4.5 kilogramme LPG cylinder, is expected to sell at ¢170.91 within the window. All pump prices are expected to be within ±5% error margin of COPEC’s prediction.

COPEC said the expected increment of prices of petroleum products will be due to the rise in prices of finished products on the world market though the cedi improved in performance against the US dollar during the period.

“The following basic information forms the basis of projections for the coming window, that; prices of finished products on the international market have shot up by an average of around 12% for both petrol and diesel whiles Crude price has been increased by 10.53% from the mean price of $75.85/barrel to $83.84/barrel, even though the forex or dollar exchange rate has relatively decreased from a previous average of ¢11.7848 to ¢11.6433 (-1.20%) per $1”.

COPEC urged the government to do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote or encourage its nationwide accessibility and usage which will eventually help save the environment. In addition, it called for the reduction of fuel taxes on petrol and diesel which is about 25%, to lessen the burden on consumers.

Source: Joy Business