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

Barring any unforeseen circumstances, the price of petrol, diesel and Liquified Petroleum Gas (LPG) will go up marginally from February 1, 2025.

According to the Chamber for Petroleum Consumers (COPEC), the retail price of petrol is expected to go by 2.93% to sell at GH¢14.697 per litre.

The projected average price of diesel for the next window would be GH¢15.869 per litre. This means the price of diesel will go up by 3.00%.

For LPG, the projected average retail price is estimated at GH¢17.224 per litre.

COPEC maintained in its statement signed by its Executive Secretary, Duncan Amoah, that the government must reduce taxes on LPG or subsidise the price of LPG to promote and encourage its nationwide accessibility and usage.

This, it said, 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 is also requesting for the reduction of the tax rates or take off some of the fuel taxes to lessen the burden on consumers.

Alternatively, it suggested a formula to adopted to vary the total levies with change in the dollar/cedi rate.

It further appealed to the government not to relent in getting Tema Oil Refinery (TOR) back on stream in order to avoid or reduce the importation of finished products, with associated fuel contamination.

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