The Chamber for Petroleum Consumers (COPEC) has announced that the prices of petrol and diesel will increase starting from Friday, June 16, 2023.
This marks the second consecutive price hike for these fuels since the beginning of the month.
However, there will be no change in the price of Liquefied Petroleum Gas (LPG).
COPEC attributes the expected increase in petrol and diesel prices to a recent 4.16% depreciation of the cedi against the dollar over the past two weeks.
While crude oil prices have slightly declined, the rising exchange rate has influenced the cost of importing fuel. On average, petrol will be sold at ¢12.21 per liter, while diesel will cost ¢12.27 per liter.
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Meanwhile, COPEC is urging the government to reduce taxes on LPG or provide subsidies to enhance its accessibility and usage, ultimately contributing to environmental conservation.
Additionally, COPEC advocates for the reduction or removal of certain fuel taxes to alleviate the burden on consumers, as taxes and levies currently account for approximately 25% of retail prices for petrol and diesel.
