Source: newsthemegh.com
Beginning today, Wednesday, August 16, 2023, and continuing for the next two weeks, the price of gasoline and diesel is anticipated to increase by an estimated average of 5.7%.
This hike follows the current mean price for both gasoline and diesel, which is GHC12.45 per litre. It is also anticipated that the cost of liquefied petroleum gas (LPG) will increase significantly by roughly 11.9%.
This projected price increase has been confirmed by the Chamber of Petroleum Consumers (COPEC), which attributes it to an 11% increase in global pricing of refined petroleum products and a concomitant increase of 6.79% in the price of crude oil.
Even though the dollar exchange rate fell from an average of GHC11.7185 to GHC11.4538 (-2.26%) per $1, the spike nevertheless occurred.
All pump prices are predicted to decrease within the (5%) margin of error of COPEC’s estimates, according to the Chamber of Petroleum Consumers (COPEC). The average price of gasoline is anticipated to be GHC12.97 per liter under the new pricing structure, while diesel will be sold for GHC13.43 per liter.
The cost of living will undoubtedly increase for homes that use LPG during this time, with the 14.5-kilogram cylinder anticipated to sell for roughly GHC178.36.
The Executive Secretary of COPEC, Duncan Amoah, commented on the matter and urged the government to take into account lowering LPG taxes or subsidizing its price.
He contends that such actions would have a significant positive impact on LPG uptake and accessibility across the country as well as environmental preservation, which has broad ramifications.
In an effort to ease the burden on consumers, COPEC is also pushing for the reduction or deletion of some fuel-related levies.
At the moment, taxes and levies account for a sizeable 25% of the total retail prices of both gasoline and diesel. While campaigning for more inexpensive and sustainable energy options picks up steam, people are bracing themselves for the inevitable pinch at the pump as the price trajectory climbs.