best and quality

**COPEC Projects Rise in Fuel Prices for July 2024**

 

**Accra, 28th June 2024** – The Chamber for Petroleum Consumers (COPEC) has projected an increase in fuel prices for the first pricing window of July 2024. This anticipated rise is attributed to the recent depreciation of the Cedi against the Dollar, with the exchange rate dropping from $1: ¢14.4788 to $1: ¢15.2779, a decline of 1.89%.

According to COPEC, petrol prices are expected to see a 2.17% increase, moving from GH¢14.17 to GH¢15.20 per litre. Diesel prices are also forecasted to rise, reaching GH¢15.21 per litre. Additionally, the cost of liquefied petroleum gas (LPG) is projected to range between GH¢13.24 and GH¢14.64 per kilogram.

Duncan Amoah, the Executive Secretary of COPEC, explained that the depreciation of the Cedi has significantly impacted the import cost of petroleum products, necessitating the adjustment in prices. He emphasized the importance of stabilizing the Cedi to mitigate further increases in fuel costs.

The projected price hikes are expected to affect consumers across the nation, with transport operators, businesses, and households likely to feel the financial strain. COPEC has urged the government to consider measures to stabilize the Cedi and reduce the burden on consumers.

As the new pricing window approaches, stakeholders in the petroleum sector and the general public will be closely monitoring the developments and preparing for the potential impact on their budgets and operations.

The adjustments in fuel prices come at a time when the global oil market is experiencing fluctuations, further complicating the pricing dynamics for imported petroleum products. COPEC continues to advocate for policies that promote price stability and protect consumers from abrupt financial shocks.

story filed by: Nana kwaku Duah

Facebook
WhatsApp

Related Post