Brace for 4% surge in fuel prices starting July 16 COPEC [Video]

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

COPEC reports that retail prices for Petrol, Diesel, and LPG are set to rise due to the cedi’s further depreciation against the dollar, shifting from $1:GHS15.2779 to $1:GHS15.462 (-1.205%).

Duncan Amoah, COPEC’s Executive Secretary, outlined expected price changes: Petrol to GHS14.795/L, Diesel to GHS15.332/L, and LPG to GHS16.205/kg, with a 14.5 kg cylinder reaching GHS234.97.

COPEC urges the government to cut taxes or subsidize LPG to boost accessibility and protect the environment.

Read COPEC‘s statement below;

CHAMBER OF PETROLEUM CONSUMERS – (COPEC)ACCRA

13 July 2024

PETROLEUM PRODUCT PRICES EXPECTED TO GO UP ACROSS PUMPS BY 4% IN THE NEXT WINDOW, BEGINNING 16 JULY 2024

Analysis of Projection

Barring any unforeseen last-minute major changes in global Petroleum FOB prices, indications across the downstream Petroleum market are that, the pump retail prices of all …