Prices of petroleum products at the pumps will from today, August 16, 2022 see an increment of 5.5%.

This was disclosed by the Chamber of Petroleum Consumers (COPEC).

In spite of reduction on the world market, Petroleum increment in Ghana, according to the Executive Secretary of COPEC, Duncan Amoah, is as a result of the sharp depreciation of the cedi on the local market.

Mr Duncan Amoah explained that “between the current first pricing window and the next fuel pricing window of the month August 2022, which commences from tomorrow, August 16th, 2022, crude oil price has seen a drop by 4.53%, from $110.52 averagely to $105.51 per barrel, whilst that of finished products ( petrol and diesel ) have declined by an average of 7.5%”

“The forex market has unfortunately however, been pretty turbulent over the period with the cedi depreciating steeply to close trading at about ¢9.8313 per dollar.”

Nonetheless, COPEC added that since there won't be any additional tax breaks, the estimated average costs for gasoline and diesel are expected to rise from 10.959 to 11.55 cents per liter, with diesel increasing from 13.3 to 13.965 cents per liter.

Meanwhile, Liquefied Petroleum Gas (LPG), is expected to go up by 10.306% to sell at about ¢9.58 per kilogramme.

Source: The Independent Ghana