COPEC predicts further fuel price hike

The Chamber of Petroleum Consumers (COPEC) has predicted a significant rise in fuel prices in the coming weeks.

In an interview on Asempa FM's Ekosii Sen programme on Friday, the Executive Secretary, Duncan Amoah, attributed the development to the trends in the international market price and the performance of the Cedi.

“The reversal of the petroleum levy has also contributed to this, and the market is squeezing itself; if not, the rise would have been more significant.

“We are widely exposed, and the signals as far as international market price movement and the CEDIA’s performance are concerned don’t look too good, and fuel prices will continue to increase,” he stated.

Fuel consumers in Ghana are bracing for higher prices following the reversal of the suspension of the Price Stabilization and Recovery Levy on petroleum products by the National Petroleum Authority (NPA).

On the back of this, the NPA on April 3 directed the stakeholders in the oil marketing and distribution sector to apply 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).

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

Reacting to this, Mr. Amoah indicated the only way to alleviate the burden on consumers was through the reduction of taxes.

However, he stated that this will not be possible due to conditionalities in the ongoing negotiations with the International Monetary Fund (IMF).

“We will be deluding ourselves if we expect the government to do anything at the moment because their hands are tied. The onus now lies with the Bank of Ghana to perform the magic they did in 2022 to appreciate the Cedi,” he added.