Fuel prices expected to surge today, COPEC predicts increase of 6.63% in petrol and 8.18% in diesel

The Chamber of Petroleum Consumers (COPEC) has predicted an imminent hike in fuel prices set to take effect today, February 16, 2024. According to COPEC, petrol prices are expected to rise by 6.63%, while diesel will experience an 8.18% increase.

As a result, the new price range for petrol is estimated to be between GH¢12.02 and GH¢13.29 per litre, compared

Read full articleto the previous GH¢11.87 per litre. Diesel is projected to be priced between GH¢13.21 and GH¢14.60 per litre, up from GH¢12.85 per litre.

COPEC has also projected an average retail price of GH¢13.24 per kilogram for Liquified Petroleum Gas (LPG), falling within a ±5% margin of error.

The anticipated surge in fuel prices is attributed to the depreciation of the cedi during the period and the increasing prices of finished petroleum products in the international market. COPEC highlights a 1.75% increase in the international market price of petrol, a 6.02% rise for diesel, and a 1.39% increase in the crude oil price from $81.30/barrel to $82.43/barrel. Additionally, the dollar exchange rate has risen by 2.16%.

COPEC also points out local factors contributing to the price hike, including a 20 pesewas increase in local taxes on a litre of petrol and diesel by the National Petroleum Authority (NPA), affecting UPPF, Primary Distribution Margin (PDM), and BOST margin.