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 forecasted a forthcoming uptick in fuel prices effective today, February 16, 2024. They anticipate a 6.63% increase in petrol prices and an 8.18% rise in diesel costs. Consequently, petrol is expected to range between GH¢12.02 and GH¢13.29 per litre, compared to the previous GH¢11.87 per litre, while diesel could range from GH¢13.21 to GH¢14.60 per litre, up from GH¢12.85 per litre. COPEC also estimates an average retail price of GH¢13.24 per kilogram for Liquified Petroleum Gas (LPG), within a ±5% margin of error.
The impending surge in fuel prices is attributed to the depreciation of the cedi and escalating prices of finished petroleum products in the international market. COPEC cites a 1.75% increase in the international market price of petrol, a 6.02% rise for diesel, and a 1.39% hike in crude oil prices from $81.30/barrel to $82.43/barrel. Additionally, the dollar exchange rate has surged by 2.16%. COPEC also highlights 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.