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 a drop on the local market is ruled out due to the significant devaluation of the local currency, the cedi.
“The price of crude oil has decreased by 4.53% from an average of $110.52 per barrel to $105.51 per barrel between the current first pricing window and the next fuel pricing window of August, which starts tomorrow, August 16, 2022, while the price of finished products (petrol and diesel) has decreased by an average of 7.5%.
Nevertheless, it stated that “the currency market has regrettably been somewhat erratic over the period with the cedi weakening quickly to conclude trading at approximately 9.8313 per dollar.”
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, 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.