The price of petrol, diesel, and Liquefied Petroleum Gas (LPG) is expected to increase modestly from February 1, 2025, barring any unforeseen circumstances.
The Chamber for Petroleum Consumers (COPEC) has projected that the retail price of petrol will rise by 2.93%, reaching GH¢14.697 per litre. The price of diesel is expected to increase by 3.00%, bringing the average price to GH¢15.869 per litre. For LPG, the projected average retail price is GH¢17.224 per litre.
In a statement, COPEC’s Executive Secretary, Duncan Amoah, called on the government to reduce taxes on LPG or consider subsidising its price to make it more accessible nationwide. Amoah argued that such measures would help reduce the environmental damage caused by the use of firewood.
Currently, taxes and levies on petrol and diesel retail prices are estimated at 21.34%. COPEC has also urged the government to lower fuel taxes or adjust levies based on fluctuations in the dollar/cedi exchange rate to ease the financial burden on consumers.
Furthermore, COPEC reiterated its call for the government to prioritise the restoration of the Tema Oil Refinery (TOR) to reduce reliance on imported finished products and mitigate the risk of fuel contamination.
Source:TheDotNews