Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has forecasted that fuel prices will soon surpass either GH¢16 or GH¢17.
This prediction comes after Nana Amoasi VII, the Executive Director of the Institute for Energy Security (IES), also anticipated a significant increase in fuel prices in the upcoming weeks during an interview on the Citi Breakfast Show (CBS) on Citi FM.
This recent surge in fuel prices marks the largest increase since February 2023, when a litre of fuel was priced at GH¢15.40 and diesel at GH¢15.50.
During a conversation with Selorm Adonoo on Eyewitness News on Citi FM on Friday, Mr. Amoah indicated that the trends in the international market price and the performance of the Cedi suggest an imminent increment in fuel prices.
“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 stated.
Fuel consumers in Ghana are preparing for higher prices following the National Petroleum Authority’s (NPA) decision to reverse the suspension of the Price Stabilisation and Recovery Levy on petroleum products.
On April 3, 2024, the NPA issued a directive to stakeholders in the oil marketing and distribution sector, instructing them 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).
Consequently, GOIL, the state-owned Oil Marketing Company, has adjusted its prices. As of April 4, 2024, petrol and diesel are now priced at GH¢14.15 per litre and GH¢14.74 per litre, respectively.