COPEC forecasts marginal rise in petroleum prices for August 2023

According to COPEC, both petrol and diesel pump prices are expected to rise by approximately 9 percent from the current average price of GHS 11.90 per liter across the country.

Additionally, the price of liquefied petroleum gas (LPG) is anticipated to increase by 20 percent.

These price hikes are attributed to the upward movement of international market prices for petroleum products. Specifically, crude oil has experienced a 10.53 percent increase, rising from the mean price of $75.85 per barrel to $83.84 per barrel.

COPEC has projected the following retail figures for petroleum products in the upcoming pricing window:

As the prices are expected to undergo changes due to fluctuations in the international market, consumers should be prepared for potential adjustments in fuel costs in the coming period.