The
Chamber
of
Petroleum
Consumers
(COPEC)
has
predicted
a
4%
rise
in
petroleum
product
prices
in
the
next
pricing
window,
effective
Tuesday,
July
16,
2024.
According
to
COPEC,
indications
across
the
downstream
petroleum
market
show
that
the
pump
retail
prices
of
all
three
products
–
Petrol,
Diesel,
and
LPG
–
will
increase
on
Tuesday.
In
a
statement
dated
Sunday,
July
14,
Duncan
Amoah,
Executive
Secretary
of
COPEC,
attributed
the
potential
increase
to
the
further
depreciation
of
the
cedi
relative
to
the
dollar
rate,
from
an
average
of
$1:GHS15.2779
to
$1:GHS15.462
(-1.205%).
COPEC
predicts
that
Petrol
prices
will
rise
to
GHS14.795/L,
Diesel
to
GHS15.332/L,
and
the
Mean
Price
for
Petrol
and
Diesel
to
GHS15.064/L,
while
LPG
is
likely
to
be
sold
at
GHS16.205/kg.
A
14.5
kg
LPG
cylinder
is
expected
to
be
sold
at
GHS234.97
within
the
window.
COPEC
reiterated
its
calls
for
the
government
to
reduce
taxes
on
LPG
or
subsidize
its
price
to
promote
and
encourage
nationwide
accessibility.
“COPEC
maintains
that
the
government
must
do
all
it
can
to
reduce
taxes
on
LPG
or
to
subsidize
the
price
of
LPG
to
promote
and
encourage
its
nationwide
accessibility
and
usage
which
will
eventually
help
save
the
environment
from
further
degradation
by
the
use
of
firewood.”
Read
below
the
statement
by
COPEC
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
three
products
Petrol,
Diesel
and
LPG,
will
go
up
on
effective
Tuesday,
16th
of
July,
primarily
due
to
further
depreciation
of
the
cedi
relative
to
the
dollar
rate
from
an
average
of
$1:GHS15.2779
to
$1:GHS15.462P
(
-1.205%)
in
the
next
retail
pricing
Window,
beginning
16
July
2024.
The
following
will
constitute
the
projected
mean
retail
prices
for
the
Petroleum
products
to
within
±5%
of
COPEC’s
projection
starting
from
Tuesday,
16
July
2024.
Petrol
..
GHS14.795/L
Diesel
..
GHS15.332/L
The
Mean
Price
for
Petrol
and
Diesel..GHS15.064/L
LPG..
GHS16.205/kg
Thus,
a
14.5
kg
LPG
cylinder
could
be
expected
to
be
sold
at
GHS234.97
within
the
window.
PETROL
With
the
international
price
increasing
from
$816.61/MT
to
$843.00/MT
(3.23%),
the
retail
price
works
up
to
GHS14.795/L
Thus,
retail
price
of
Petrol
is
expected
to
increase
by
3.75%
of
the
current
mean
pump
retail
price
of
GHS14.26/L,
to
close
selling
between
GHS14.06/L
and
GHS15.53/L
,
within
±5%
range
of
COPEC’s
projected
figure
of
GHS14.795/L.
DIESEL
With
the
International
FOB
price
increasing
from
$788.32/MT
to
$792.32/MT
(1.80%),
the
projected
mean
retail
pump
price
for
the
next
window
shall
be
GHS15.332L
Diesel
is
expected
to
increase
in
price
by
about
4.69%
of
the
current
mean
pump
retail
price
of
GHS14.64/L
to
be
selling
between
GHS14.57/L
and
GHS16.10/L
,
within
±5%
range
of
COPEC’s
projected
figure
of
GHS15.332/L.
Mean
Price
of
Petrol
and
Diesel
The
mean
price
of
petrol
and
diesel
for
the
coming
window
per
available
parameters
shall
be
GHS15.064/L
.
The
mean
price
is
expected
to
increase
by
4.23%
over
the
current
mean
price
of
GHS14.45/L
with
mean
pump
retail
price
range
of
GHS14.31/L
to
GHS15.82/L,
within
±5%
of
COPEC’s
projection.
LPG
With
the
international
FOB
price
increasing
from
$477.80/MT
to
$536.11/MT
(12.20%)
the
projected
retail
price
of
LPG
is
expected
to
be
averagely
at
GHS16.205/kg.
Thus,
within
±5%
error,
LPG
is
expected
to
be
selling
between
_GHS15.39/kg
and
GHS17.01/
kg.
Remarks:
1.
COPEC
maintains
that,
Government
must
do
all
it
can
to
reduce
taxes
on
LPG
or
to
subsidize
the
price
of
LPG
to
promote
and
encourage
its
nationwide
accessibility
and
usage
which
will
eventually
help
save
the
environment
from
further
degradation
by
the
use
of
firewoods.
2.
Currently,
the
total
taxes
and
levies
on
retail
prices
of
Petrol
and
Diesel
are
about
22.56%
COPEC
is
requesting
for
the
reduction
of
tax
rates
or
to
take
off
some
of
the
fuel
taxes
to
lessen
the
burden
on
consumers.
Alternatively,
a
formula
can
be
adopted
to
vary
the
total
levies
with
change
in
the
dollar:
Cedi
rate.
3.
We
further
appeal
to
the
government
not
to
relent
in
getting
the
Tema
Oil
Refinery
(TOR)
back
on
stream
in
order
to
avoid
or
reduce
the
importation
of
finished
products,
with
associated
fuel
contamination.
Signed.
Duncan
Amoah.
Executive
Secretary.
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