Prices of petroleum products to go up 5.5% – COPEC

Prices of petroleum products at the pumps are likely to go up by 5.5% in spite of reduction on the world market, the Chamber of Petroleum Consumers (COPEC) has stated.

Fuel prices on the international market have seen some marginal reductions over the past two-week period, but the sharp depreciation of the cedi on the local market will prevent a reduction on the local market.

“Between the current first pricing window and the next fuel pricing window of the month August [2022], which commences from tomorrow, August 16th, 2022, crude oil price has seen a drop by 4.53%, from $110.52 averagely to $105.51 per barrel, whilst that of finished products ( petrol and diesel ) have declined by an average of 7.5%”.

“The forex market has unfortunately however, been pretty turbulent over the period with the cedi depreciating steeply to close trading at about ¢9.8313 per dollar”, it explained.

COPEC added that since there will not be any new tax rebate, the projected average prices of petrol and diesel would likely move from ¢10.959/liter to ¢11.55/liter, with diesel moving from ¢13.3/liter to ¢13.965/liter.

This will indicate about 5.5% price increase across board over the current price window.

For LPG, it is expected to go up by 10.306% to sell at about ¢9.58 per kilogramme.