Fuel prices to go up slightly from July 16 as NPA raises July price floors
The Chamber of Petroleum Consumers (COPEC) in Ghana projects a slight increase in petrol and diesel prices starting July 16 due to rising international refined product costs and currency depreciation. While crude oil prices have softened, the cost of refined fuel and the weakening cedi are driving the expected pump price hikes.
Why it matters
Fuel price fluctuations directly impact the cost of living and transportation for consumers, making these projections vital for economic planning in the region.
The Chamber of Petroleum Consumers (COPEC) has projected marginal increases in the prices of petrol and diesel at the pumps when the second pricing window for July takes effect on July 16, citing rising international prices of refined petroleum products and the slight depreciation of the cedi against the US dollar.
According to COPEC, the anticipated adjustments come despite a decline in global crude oil prices during the pricing period, with Brent crude falling from about US$78 per barrel to US$71.90 per barrel.
The Chamber explained that while crude oil prices softened, international prices for refined petroleum products rose significantly, offsetting the decline. It also noted that the cedi weakened by 0.56 per cent against the US dollar over the review period, adding further pressure to domestic fuel prices.
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