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This anticipated rise comes in the wake of an 11.00% surge in international finished product prices and a 6.79% increase in crude oil prices. Even though the forex rate has seen a slight decrease, the combined factors are likely to impact consumers' wallets.
The price of Liquefied Petroleum Gas (LPG) is also projected to climb by approximately 11.9%, adding to the financial burden of consumers. COPEC's analysis suggests that these fluctuations are within a ±5% margin of error, reflecting the volatility of the global market.
Currently averaging at ¢12.45 per litre, petrol is expected to jump to around ¢12.97 per litre, while diesel may see an increase to ¢13.43 per litre. Furthermore, the cost of a 14.5-kilogramme LPG cylinder is poised to reach approximately ¢178.36.
Duncan Amoah, the Executive Secretary of COPEC, stressed the importance of government intervention to alleviate the financial strain on consumers. He called for the reduction of taxes on LPG or the introduction of subsidies, promoting the widespread use of LPG and contributing to environmental preservation.
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COPEC also advocated for a reduction or removal of certain fuel-related taxes, aiming to ease the burden on consumers.
Presently, taxes and levies account for roughly 25% of the retail prices of petrol and diesel.