Prices of petroleum products to go up 5.5%

Despite a decline in the global market, the Chamber of Petroleum Consumers (COPEC) predicts that prices for petroleum products at the pump will rise by 5.5%.

Over the previous two weeks, fuel prices have experienced some slight drops on the international market, but the severe depreciation of the local currency, the cedi, will preclude a drop 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.

According to COPEC, since there won’t be any additional tax breaks, the estimated average costs for gasoline and diesel are expected to rise from ¢10.959 to ¢11.55 per liter, with diesel increasing from ¢13.3 to ¢13.965 per liter.

This will represent an overall price increase of around 5.5% compared to the current price window.

LPG is anticipated to increase by 10.306% and retail for around ¢9.58 per kilogram.

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