Fuel prices are expected to increase from Wednesday, September 16, with petrol projected to sell at an average of GH¢16.26 per litre and diesel at GH¢19.07 per litre, according to the Chamber of Petroleum Consumers (COPEC).
COPEC forecasts a 4.24% increase in petrol prices, up from the current average of GH¢15.60 per litre.
Diesel is expected to record a sharper increase of 10.23%, rising from GH¢17.30 to GH¢19.07 per litre.
The Chamber attributed the projected increases largely to significant rises in international crude oil and refined petroleum product prices during the latest pricing window.
According to COPEC, the price of crude oil on the international market rose from US$89.30 to US$103.07 per barrel.
The international Free-On-Board (FOB) price of petrol also increased by 10.08%, moving from US$1,136.50 to US$1,251.07 per metric tonne. Diesel recorded a 12.33% increase, rising from US$1,250.50 to US$1,404.73 per metric tonne.
Meanwhile, the Ghana cedi recorded a marginal 0.29% appreciation against the US dollar, moving from an average interbank rate of GH¢11.5166 to GH¢11.4830 to the dollar.
COPEC also projects an increase in the price of Liquefied Petroleum Gas (LPG), which could sell at GH¢15.32 per kilogramme, following a 16.45% rise in its international FOB price.
To cushion consumers from the anticipated increases, COPEC has appealed to the government to extend its subsidy intervention.
The Chamber is proposing a GH¢1 per litre subsidy for petrol, while maintaining the existing GH¢2 per litre subsidy on diesel.
COPEC has also called on Oil Marketing Companies (OMCs) to consider reducing their margins to help ease the impact of the expected price increases on consumers.
