Fuel Prices Set to 4.6% Rise on March 1 —COPEC

The Chamber of Petroleum Consumers (COPEC) has forecasted a 4.6 per cent increase in fuel prices starting from March 1. According to COPEC, petrol is expected to be sold at GH¢12.92 per litre, diesel at GH¢14.32 per litre, and LPG at GH¢13.57 per kilogramme.

Attributing the hike to rises in international crude and petroleum product prices, as well as the depreciation of the Ghana cedi against the US dollar, COPEC outlined the factors behind the impending increase.

In a statement released by the chamber, it indicated that unless there are unexpected global shifts, petrol could be priced at $841.82 per metric tonne (MT), diesel at $873.80/MT, and Liquified Petroleum Gas (LPG) at $599.07/MT. These projections also consider a dollar to cedi exchange rate of $1 to GH¢12.67.

COPEC clarified that these figures are subject to a margin of error within ±5% of its projections.

As consumers brace themselves for the rise in fuel costs, COPEC’s warning serves as a reminder of the intricate factors influencing fuel prices, both domestically and internationally.