Prices of petroleum products at the pumps are likely to go up by 5.5% in spite of reduction on the world market, the Chamber of Petroleum Consumers (COPEC) has stated.

Fuel prices on the international market have seen some marginal reductions over the past two-week period, but the sharp depreciation of the cedi on the local market will prevent a reduction on the local market.

“Between the current first pricing window and the next fuel pricing window of the month August, which commences from tomorrow, 16 August 2022, 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.

COPEC added that since there will not be any new tax rebate, the projected average prices of petrol and diesel would likely move from ¢10.959/liter to ¢11.55/liter with diesel moving from ¢13.3/liter to ¢13.965/liter.

This will indicate about 5.5% price increase across board over the current price window.

For LPG, it is expected to go up by 10.306% to sell at about ¢9.58 per kilogramme.