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Petrol and Diesel Prices to increase averagely by about 5.7% – COPEC

Starting tomorrow, August 16, 2023, for the following two weeks, the average price of petrol and diesel will likely rise by around 5.7% over the present mean price of 12.45 per litre.

Liquefied petroleum petrol prices are also anticipated to increase by roughly 11.9%.

The Chamber of Petroleum Consumers (COPEC) claims that the anticipated increase is caused by an 11% increase in finished product prices on the global market and a 6.79% increase in crude oil prices, despite a relatively lower dollar to foreign currency exchange rate from an earlier average of 11.7185 to 11.4538 (-2.26%) per $1.

All Pump Prices are anticipated to fall within COPEC’s prediction’s (5%) error margin.

With the new prices, it is anticipated that petrol will typically sell for $12.97 per litre and diesel for $13.43.

Within the window, the 14.5 kilogramme LPG cylinder is anticipated to sell for 178.36.

In a statement, the Executive Secretary of COPEC, Duncan Amoah, encouraged the government to do everything in its power to lower LPG taxes or to subsidise LPG prices to promote its availability and use across the country, which will ultimately aid in environmental preservation.

Additionally, in order to ease the burden on consumers, COPEC pushed for the elimination or reduction of several fuel taxes.

About 25% of the retail costs of petrol and diesel are taken up by taxes and levies in total.

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