Prices of petroleum products to go up marginally from February 1, 2025

The Chamber of Petroleum Consumers (COPEC) has announced that the prices of petroleum products will witness a marginal increase from February 1, 2025, pending no last-minute changes, citing global crude price hikes and a depreciating cedi as key factors accounting for this adjustment.

COPEC has projected that the retail price for petrol is expected to drop by 2.93%, bringing the price-per-litre to GH¢14.697, from the current mean price of GHS15.141

The average price of diesel for the next window is also projected to go up by 3.00%, rising from GHS15.407 to GHS15.869 per litre.

For Liquified Petroleum Gas however, COPEC has projected a 4.26% increase, pushing the price to GHS17.224 per kilogram. This, in effect, will peg the price of a 14.5kg LPG cylinder at approximately GHS249.74.

In a statement signed by the Executive Secretary for COPEC, Duncan Amoah, the Chamber maintained that unless the government reduces or subsidizes taxes on LPG, nationwide accessibility and usage could dwindle significantly due to the constant upward adjustments in prices.

It further encouraged that making LPG accessible will help save the environment from further degradation by the use of firewood.

Currently, the total taxes and levies on retail prices of petrol and diesel are estimated at 21.34%, COPEC has proposed a revision or crapping of some of these taxes and levies to lessen the burden on consumers.

As an alternative, has suggested a formula to adopted, to vary the total levies with change in the dollar/cedi rate.

It further appealed to the government to facilitate the return reoperation of the Tema Oil Refinery (TOR), in order to avoid or reduce the importation of finished products, consequently eliminating fuel contamination issues associated with importing finished products.

By: Novire Kuuyizie Francis.