• About
  • Advertise
  • Privacy Policy
  • Contact
Saturday, May 10, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

COPEC Projects Increment In Fuel Prices Effective August 1

July 31, 2023
Stephen M.Cby Stephen M.C
in General News
0
We may witness 16 pesewas increase in fuel prices- COPEC

Executive Secretary of Chamber of Petroleum Consumers (COPEC), Duncan Amoah

The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has revealed that fuel prices are set to increase from August 1.

According to him, the prices of finished products on the international market have shot up by average of around 12% for both petrol and diesel whiles crude price has increased by 10.53% from the mean price of $75.85/barrel to $83.84/barrel. He explained that this is the situation even though the forex or Dollar exchange rate has relatively decreased from a previous average of GHS11.7848 to GHS11.6433 (-1.20%) per $1.

“Pump prices of Petrol and Diesel are likely to increase on average by about 9% over the current mean price of GHS11.90/L across the country whilst LPG prices increase by about 20%.”

Chamber of Petroleum Consumers

Contained in a statement, Mr Amoah highlighted the projected retail figures for Petroleum products starting from Tuesday, August 1. He revealed that with the international price increasing from $820.27/MT to $963.75/MT (17.49%), the retail price works up to GHS13.27/L.

RelatedPosts

Judicial Resignation Row: Mahama Risks Oath Violation

Probe Into Thompson’s Visit to Afenyo-Markin Demanded

President Mahama Petitioned To Audit APCs Procurement 

“With the International benchmark prices increasing from $728.11/MT to $862.25/MT (18.42%), the expected mean retail price for the next window shall be GHS13.39/L Thus, Diesel is expected to decrease by about 10.14% of the current Mean Market price of GHS11.94/L to be selling between GHS12.72/L and GHS14.06/L within ±5% of COPEC’s projection.”

Chamber of Petroleum Consumers

Government urged to reduce taxes on LPG

Touching on the mean Price of Petrol and Diesel, Mr Amoah stated that the mean price of Petrol and Diesel for the coming window per the numbers shall be 13.33/L with a mean pump price range of GHS12.67/L and GHS14.00/L, within ±5% of COPEC’s prediction.

Furthermore, Mr Amoah indicated that LPG will likely sell for GH¢11.79/kg. Thus, a 14.5 kg LPG cylinder, is expected to be selling at GHS170.91. Within the international benchmark price increasing from $319.09/MT to $494.75/MT (55.05%), he explained that the projected retail price of LPG is expected to be selling average at GHS11.79/kg.

“Thus, within ±5% error, LPG is expected to be sold between GHS11.20/kg and GHS12.38/kg”

Chamber of Petroleum Consumers

In light of the predicted increment in petroleum prices, the Executive Secretary of COPEC encouraged government to do all it can to reduce taxes on LPG. Alternatively, he urged government to subsidize the price of LPG to promote or encourage its nationwide accessibility and usage which will eventually help save the environment.

“In addition, currently, the total taxes and levies are about 25% of the retail prices of Petrol and Diesel. COPEC is by this advocating for reduction or to take off some of the fuel taxes to lessen the burden on consumers.”

Chamber of Petroleum Consumers

It will be recalled that the Chamber of Petroleum Consumers-Ghana (COPEC), in May this year equally predicted marginal increase in petroleum products.

In a statement, the energy think tank stated that it expected petrol and diesel to be sold at GH¢ 9.538 and GH¢ 10.829 per litre respectively, which brought the average price of both products for that window to GH¢10.183 a litre.

These increases followed the regular fuel price changes per window, international fuel prices, the applicable dollar-exchange rate and the taxes on fuel. The calculations were also based on the current average crude price of $ 104.56 per barrel, resulting in $ 1,057.44 per metric tonne for petrol, and $1,138.33 metric tonne for diesel on the international market.

Playing a key role in the projection was the exchange rate of 1$ to GH¢7.8165, and the government’s tax rebate of 15p per litre still in place.

Comparatively, COPEC revealed that the average price went up by 19p per litre(1.94%) over that of the previous window, with petrol going up by 7p a litre (0.7%) and diesel also being up by 32p per litre (3%).

READ ALSO: Public Officials Travestying Call To Service With Illicit Enrichment

Tags: COPECdieselGhana NewsLPGSubsidized product
Please login to join discussion
Previous Post

Russia-Africa Summit 2023: All Talks, No Deeds

Next Post

MTN and TOTAL Climax A White-knuckle Week: Will the Bulls Triumph Again this Week?

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

AngloGold Ashanti Boosts Obuasi SMEs with Nationwide Business Exposure Tour
Vaultz Business

AngloGold Ashanti Boosts Obuasi SMEs with Nationwide Business Exposure Tour

May 9, 2025
Electrical Energy
Extractives/Energy

Powering Ghana’s Future with Sustainable Electricity 

May 9, 2025
Ukrainian flag
Europe

Ukraine Alleges Hungarian Espionage

May 9, 2025
Starmer’s Anti-Newt Drive May Breach EU Deal
UK

Starmer’s Anti-Wildlife Drive May Breach EU Deal

May 9, 2025
Mahama and judicial resignation
General News

Judicial Resignation Row: Mahama Risks Oath Violation

May 9, 2025
US President, Donald Trump Proposes Major Chinese Tariff Rollback Ahead of Trade Talks
USA

Trump Proposes Major Chinese Tariff Rollback Ahead of Trade Talks

May 9, 2025
slide 2 of 6
US President, Donald Trump Proposes Major Chinese Tariff Rollback Ahead of Trade Talks
USA

Trump Proposes Major Chinese Tariff Rollback Ahead of Trade Talks

by Comfort AmpomaaMay 9, 2025
AngloGold Ashanti Boosts Obuasi SMEs with Nationwide Business Exposure Tour
Vaultz Business

AngloGold Ashanti Boosts Obuasi SMEs with Nationwide Business Exposure Tour

by Stephen M.CMay 9, 2025
Electrical Energy
Extractives/Energy

Powering Ghana’s Future with Sustainable Electricity 

by Prince AgyapongMay 9, 2025
Ukrainian flag
Europe

Ukraine Alleges Hungarian Espionage

by Comfort AmpomaaMay 9, 2025
Starmer’s Anti-Newt Drive May Breach EU Deal
UK

Starmer’s Anti-Wildlife Drive May Breach EU Deal

by Lawrence AnkutseMay 9, 2025
Mahama and judicial resignation
General News

Judicial Resignation Row: Mahama Risks Oath Violation

by Lilian AhedorMay 9, 2025
US President, Donald Trump Proposes Major Chinese Tariff Rollback Ahead of Trade Talks
USA

Trump Proposes Major Chinese Tariff Rollback Ahead of Trade Talks

by Comfort AmpomaaMay 9, 2025
AngloGold Ashanti Boosts Obuasi SMEs with Nationwide Business Exposure Tour
Vaultz Business

AngloGold Ashanti Boosts Obuasi SMEs with Nationwide Business Exposure Tour

by Stephen M.CMay 9, 2025
slide 1 to 6 of 6
AngloGold Ashanti Boosts Obuasi SMEs with Nationwide Business Exposure Tour
Electrical Energy
Ukrainian flag
Starmer’s Anti-Newt Drive May Breach EU Deal
Mahama and judicial resignation
US President, Donald Trump Proposes Major Chinese Tariff Rollback Ahead of Trade Talks
[/vc_row_inner]

Recent News

  • AngloGold Ashanti Boosts Obuasi SMEs with Nationwide Business Exposure Tour
  • Powering Ghana’s Future with Sustainable Electricity 
  • Ukraine Alleges Hungarian Espionage
  • Starmer’s Anti-Wildlife Drive May Breach EU Deal
  • Judicial Resignation Row: Mahama Risks Oath Violation
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.