A significant rise in fuel costs during the first pricing period beginning in July 2024 – COPEC

Source: newsthemegh.com/Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The Chamber for Petroleum Consumers (COPEC) has projected a notable increase in fuel prices for the first pricing window of July 2024, attributing the anticipated hike to the further depreciation of the Cedi against the Dollar.

The exchange rate has fallen from an average of $1/GH¢14.47 to $1/GH¢15.27, a decline of 1.89%.

This currency depreciation is set to impact the retail prices of petrol, diesel, and liquefied petroleum gas (LPG) at pumps nationwide.

According to COPEC, the retail price of petrol is forecasted to rise by 2.17%, climbing from the current average pump price of GH¢14.17 per litre to GH¢15.20 per litre.