Source: newsthemegh.com
According to the Chamber of Petroleum Consumers (COPEC), there will be an increase in the price of petrol and diesel at the pump starting today, February 16, 2024.
Based on COPEC’s estimate, there is expected to be a significant increase of 6.63% in petrol prices and an increase of 8.18% in diesel prices, meaning that the pump price will rise by a total of 14.81%.
Petrol prices are anticipated to change significantly from the previous GH¢11.87 per litre to GH¢12.02 to GH¢13.29 with the forecasted modifications.
In a same vein, fuel prices are predicted to increase from GH¢12.85 per liter to GH¢13.21 to GH¢14.60 per liter.
The depreciation of the cedi and the rising cost of petroleum products as finished goods on a worldwide scale are the two main causes of the upcoming price increases, according to COPEC. The dynamics of the global market indicate that the price of gasoline has increased by 1.75%, the price of diesel has increased by 6.02%, and the price of crude oil has increased by 1.39%, from $81.30/barrel to $82.43/barrel.
Additionally, there has been a 2.16% increase in the forex exchange rate, which went from an average of GH¢12.0160 to GH¢12.4230 per $1.
The problem is made worse by the National Petroleum Authority’s (NPA) decision to increase local taxes by 20 pesewas per liter of gasoline and diesel. These taxes include the UPPF, Primary Distribution Margin (PDM), and BOST margin.
COPEC is adamantly opposed to the government’s propensity to raise petroleum product taxes and margins, contending that these actions worsen the financial burden on Ghanaians.
The group issues a warning against what it believes to be hidden tax increases included into the pricing structure, arguing that this will only make the people’s financial situation worse.