Hard times ahead as fuel prices go up again next week - COPEC

Fuel prices are expected to go up again next week.

This was disclosed by Executive Director for Chamber of Petroleum Consumers in Ghana (COPEC), Duncan Amoah in an interview with host of Abusua Nkommo, Kwame Adinkra in reaction cheating by some oil marketing companies.

Earlier this month, Institute of Energy Security (IES), projected fuel prices are likely to remain stable in the first pricing window of September this year.

The IES attributes this to the relative stable prices of finished products on the international market as well as the suspension of the recently implemented fuel standards.

Principal Research Analyst at the IES, Richmond Rockson said prices will continue to remain unchanged.

He explained, “taking into consideration the marginal fall in the price of crude oil, the relatively stable prices for finished products on the international market and the suspension of the recently implemented fuel standards, the Institute for Energy Security (IES) foresees local fuel prices remaining unchanged in the first Pricing-window for the month of September 2017.”

However Duncan Amoah hints, barring any last minute change, fuel prices could go up next week.

Amoah said, “Kwame, as I am talking to you, fuel prices are likely to go up somewhere next week baring any last minute change.”

“We have a situation where consumers are being cheated by these oil companies, already, we are not served the quantity of fuel we pay for.”

“So if these oil marketing companies are cheating us and fuel prices are also going up next week, you can imagine the economic hardship that is likely to befall on us, especially private car owners, drivers and passengers alike.”