The Chamber of Petroleum Consumers Ghana (COPEC) has hinted that prices of petroleum products could soon increase by about 12 percent.
This would mean that the average price of fuel is likely to go up by about GH¢1.33 per litre in the next pricing window of June 2022.
In a statement, COPEC explained what is accounting for the anticipated price hikes:
“Current Crude prices are at $124.96/barrel, resulting in processed Petroleum Products of $1,451.25/MT of petrol and $1,289.97/MT for diesel, coupled with further depreciation of the exchange rate of $1:GH¢8.0483 and the government’s applicable tax rebate of 15 pesewas per litre still in place till the end of June 2022”.
The average price of petrol and diesel at the pumps currently stands at GH¢12.282 after selling at about GH¢6.5 in January.
This was after petrol and diesel crossed the GH¢10 and GH¢12 per litre marks this month.
Meanwhile, the price of a 50KG bag of cement is expected to jump from GH¢60 to GH¢66.