The Chamber of Petroleum Consumers (COPEC) is predicting that fuel prices may go up by 5.7% within the second pricing window of August 2023 which begins in the next 48 hours.

The product is currently being sold at the pumps at an average price of GH¢12.45 per liter.

COPEC says the price of LPG will also increase to about 11.9% within the same period.

The Chamber indicated that the projected retail prices for the various petroleum products will take effect on Wednesday, August 16, with petrol to be sold at GH¢12.97 per liter, diesel GH¢13.43 and the mean price for petrol and diesel GH¢13.20 per liter while LPG will go for GH¢12.30 kilogram.

The Executive Secretary of COPEC, Duncan Amoah in a statement said: “The Second pricing window of the month of August, 2023 is set to commence by the next 48 hours. Indications are that pump prices of Petrol and Diesel are likely to increase averagely by about 5.7% over the current mean price of GH¢12.45/L across the country whilst LPG prices increase by about 11.9%.”

“The following basic information forms the basis of projections for the coming window, that; prices of finished products on the international market have shot up averagely around 11% for both petrol and diesel whiles Crude price has been increased by 6.79% from the mean price of $80.67/barrel to $86.15/barrel, even though the forex or Dollar exchance rate has relatively decreased from a previous average of GHS11.7185 to GHS11.4538 (-2.26%) per $1”.