Prices for COPEC and diesel are anticipated to increase starting on Friday, June 16, 2023.
However, it’s anticipated that the cost of liquefied petroleum gas (LPG) won’t change.
Since the beginning of June 2023, when the price of gasoline and diesel increased, this will be the first time in a row.
The expected increase in gasoline and diesel prices, according to the Chamber for Petroleum Consumers (COPEC), is largely the result of the cedi’s 4.16% depreciation against the dollar over the past two weeks.
“Crude price has seen a decline from the mean price of $76.04 per barrel to $75.46 per barrel (-0.76%), but the forex or dollar exchange rate has gently increased from a previous average of 11.3394 to 11.8111 (4.16%) per $1”, it pointed out.
According to COPEC, the average price of gasoline will be $12.21 per liter, while the average price of diesel will be $12.27 per liter.
The anticipated price for LPG is 10.40 per kilogram. A 14.5 kilogram LPG cylinder will therefore cost Rs. 150.85.
Therefore, COPEC is pleading with the government to lower LPG taxes or subsidize the cost of the product in order to promote or encourage its widespread availability and use, which will ultimately aid in environmental preservation.
Additionally, the total taxes and levies at the moment make up about 25% of the retail costs of gasoline and diesel.
As a result, COPEC is pushing for the elimination or reduction of some fuel taxes to ease the burden on consumers.
