Fuel prices to hit GH¢18 by December if government does not wake up - COPEC

The Executive Secretary of the Chamber of Petroleum Consumers(COPEC), Duncan Amoah, has stated that the upsurge in the prices of petroleum products will continue if the government does not up its game in solving the cedi's depreciation. Petrol prices may sell as high as GH¢18 by December if the situation is not curbed as soon as possible. As quoted by citinewsroom.com, Duncan said, "We are now hitting GH¢15 per litre for fuel, the cedi has undoubtedly not reached a point of stability, and if it keeps falling, a further increase is expected to occur in the first week of November. "Between now and December, Ghanaians may have to spend between GH¢17 and GH¢18 a litre for fuel. I do not want us to get there and I think that authorities and those within the policy space will need to wake up from their sleep," he added. As of October 17, 2022, petrol is selling for GH¢13.10 per litre from an earlier price of GH¢11.10 while diesel is going for GH¢15.99, from a previous price of GH¢13.90. The significant hike has been attributed to the marginal increase in the price of crude oil on the global market and the persistent depreciation of the cedi against the US dollar. Meanwhile, the cedi is currently selling at GH¢12.50 at some forex bureaus in the country. Watch the latest episode of BizTech below: SSD/FNOQ