Prices of petrol and diesel to increase

Prices of petrol and diesel are likely to increase averagely by means of about 5.7% over the current mean price of ¢12.45 per litre, beginning, August 16, 2023, for the next two weeks.

The charge of Liquefied Petroleum Gas is also predicted to go up via about 11.9%.

According to the Chamber of Petroleum Consumers (COPEC), the expected increase is because of the 11.00% upward push in charges of finished products on the global marketplace and the about 6.79% surge rate of crude oil, despite the fact that the foreign exchange or greenback exchange rate has notably decreased from a previous common of ¢11.7185 to ¢11.4538 (-2.26%) in keeping with $1.

All Pump Prices are expected to be inside (±5%) mistakes margin of COPEC’s prediction.

With the brand new charges, petrol is anticipated to sell at ¢12.97 in step with litre on the common, even as diesel will pass for ¢13.43 per litre.

The 14.5 kilograms LPG cylinder is anticipated to sell at ¢178.36 within the window.

Commenting, the Executive Secretary of COPEC, Duncan Amoah, urged governments to do all it can to reduce taxes on LPG or to subsidise the charge of LPG to promote its nationwide accessibility and usage in an effort to ultimately save the environment.

Additionally, COPEC encouraged for reduction or take off of a number of the gasoline taxes to reduce the burden on customers. The total taxes and levies is about 25% of the retail prices of petrol and diesel.

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