Business

Fuel prices to go up from June 16,2023

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Prices of petrol and diesel are expected to go up from Friday June 16, 2023.Liquefied petroleum gas (LPG) pricing, on the other hand, is anticipated to stay same.

This will be the first time in a row since the beginning of June 2023, when the price of gasoline and diesel increased.

The Chamber for Petroleum Consumers (COPEC) claims that the cedi’s recent decline against the dollar of 4.16% is a major factor in the anticipated increase in gasoline and diesel prices.

“Crude price has seen a decline from the mean price of $76.04 per barrel to $75.46 per barrel (-0.76%), but the forex or dollar exchange rate has gently increased from a previous average of 11.3394 to 11.8111 (4.16%) per $1”, it pointed out.

COPEC explained that the price of petrol will sell on the average at ¢12.21 per litre, whilst diesel will go for ¢12.27 per liter.

LPG is expected to sell at ¢10.40 per kilogramme. Thus for a 14.5 kilogramme of LPG cylinder, the price will go for ¢150.85.

COPEC is therefore urging government to reduce taxes on LPG or subsidise the price of the commodity to promote its nationwide accessibility

Currently, the total taxes and levies is about 25% of the retail prices of petrol and diesel.

COPEC is pushing for the elimination or reduction of some fuel taxes to ease the burden on consumers.

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