The Chamber of Petroleum Consumers (COPEC) has forecasted a steep increase in fuel prices shortly.
The Executive Secretary, Duncan Amoah, speaking on Asempa FM’s Ekosii Sen program, cited global market trends and the Cedi’s performance as contributing factors.
“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 explained.
Ghanaian consumers are already bracing themselves for the impending price hikes, exacerbated by the reinstatement of the Price Stabilization and Recovery Levy by the National Petroleum Authority (NPA).
Following this directive, the NPA instructed 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 latest surge marks the most significant increase since February 2023, when fuel prices stood at GH¢15.40 per litre and diesel at GH¢15.50.
Amoah suggested that reducing taxes could ease consumer strain, but he acknowledged that current IMF negotiations limit the government’s ability to act.
“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 noted.