Petroleum prices may go up by 5.5% due to cedi depreciation – COPEC

Despite the reduction in oil prices on the global market, Ghana may not benefit due to its depreciating cedi.

COPEC in a statement as reported by JoyBusiness has stated that “Between the current first pricing window and the next fuel pricing window of the month of August which commences from tomorrow, 16 August 2022, the 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,” it explained.

The prices of petrol at the pumps have been projected to move from ¢10.959/liter to ¢11.55/liter with diesel moving from ¢13.3/liter to ¢13.965/liter

Meanwhile, LPG is expected to increase by up by 10.306% to sell at about ¢9.58 per kilogramme.

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SSD/IA