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.
Latest Stories
-
Nketiah Foundation Cup 2024: Joma Smart FC win inaugural edition of football tournament
7 mins -
African Games 2023: Ghana to compete in four medal events on day two
10 mins -
Commercial Bank glitch lets customers withdraw millions
18 mins -
Six universities now offer AICPA & CIMA’s CGMA Finance Leadership Program in Ghana
25 mins -
World Health Organization (WHO) Mauritius launches set of health priorities for new two years
47 mins -
7 tips from Kaspersky on what to do if someone tries to hack you
49 mins -
Northern Ghana to experience another bout of dust pollution – Ghana Meteorological Agency warns
1 hour -
Mukuru distributes millions in aid to vulnerable Africans
1 hour -
Kwaku Antwi-Boasiako: Is Anti-LGBT+ Bill more supreme than the 1992 Constitution?
1 hour -
Mahama promises to build university in six new regions
1 hour -
Mahama promises to enhance ‘Okada’ business with electric tricycles, maintains need for legalisation
2 hours -
Ghana’s land litigation concerns presents threat to solar energy projects
2 hours -
African Games 2023: Joseph Commey makes semis; Walid Omar, two others eliminated in boxing event
2 hours -
African Games: Ghana’s men’s doubles duo one win from medal zone
2 hours -
More tough times ahead for Ghana’s cedi; cedi is 3rd worst currency in Africa – Bloomberg
2 hours