Ghanaians are bracing for a fuel price increase starting Tuesday, July 16, as the cedi’s depreciation against the dollar sets the stage for higher petroleum costs.
The downstream petroleum market indicates that pump retail prices for petrol, diesel, and LPG will rise, primarily due to the cedi’s slide from $1:GHS15.2779 to $1:GHS15.462P (-1.205%) in the next retail pricing window.
According to the Chamber of Petroleum Consumers (COPEC), the projected mean retail prices for the petroleum products are:
- Petrol: GHS14.795/L (up 3.75% from current mean pump retail price)
- Diesel: GHS15.332/L (up 4.69% from current mean pump retail price)
- LPG: GHS16.205/kg (up 12.20% from current mean retail price)
The mean price of petrol and diesel is expected to increase by 4.23% to GHS15.064/L, while LPG is projected to sell between GHS15.39/kg and GHS17.01/kg, within ±5% error.
COPEC is calling on the government to reduce taxes on LPG or subsidize its price to promote nationwide accessibility and usage. The chamber also requests a reduction in fuel taxes or the adoption of a formula to vary total levies with changes in the dollar-cedi rate.
Additionally, COPEC appeals to the government to revive the Tema Oil Refinery (TOR) to avoid or reduce the importation of finished products and associated fuel contamination.
Ghanaians are advised to prepare for the impending fuel price increase, which may further exacerbate the already high cost of living in the country.”
