Fuel prices expected to surge beyond GH¢16 or GH¢17 – COPEC

Ghanaian

Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has predicted a potential increase in fuel prices, projecting that they could soon exceed GH¢16 or GH¢17 per litre.

In an interview with Selorm Adonoo on Citi FM, Amoah suggested that the prevailing trends in the international market price and the performance of the cedi imply an imminent

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“We are widely exposed, and the signals as far as international market price movement and the cedi’s performance is concerned don’t look too good and sooner than later fuel will cross [GH¢]16, [GH¢]17 in no time,” he said.

On April 3, 2024, the NPA issued a directive to stakeholders in the oil marketing and distribution sector, mandating them to impose additional charges: 16 pesewas per litre for Petrol, 14 pesewas per litre for Diesel, and 14 pesewas for every kilogram of Liquefied Petroleum Gas (LPG).

Consequently, GOIL, the state-owned Oil Marketing Company, has adjusted its prices. As of April 4, 2024, petrol and diesel are now retailed at GH¢14.15 per litre and GH¢14.74 per litre, respectively.

This recent surge in fuel prices marks the most substantial increase since February 2023 when a litre of fuel was priced at GH¢15.40 and diesel at GH¢15.50.