Fuel price will exceed GH¢17 soon – COPEC predicts

Mr Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has predicted that the price of fuel will soon surpass GH¢16 or GH¢17.

This follows Nana Amoasi VII, the Executive Director of the Institute for Energy Security (IES), forecasting a significant rise in fuel prices in the coming weeks during an interview on the Citi Breakfast Show (CBS) on Citi FM.

Fuel consumers in Ghana are bracing for higher prices as the National Petroleum Authority (NPA) has decided to reverse the suspension of the Price Stabilization 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).

As a result, GOIL, the state-owned Oil Marketing Company, has revised its prices. As of April 4, 2024, petrol and diesel are now selling at GH¢14.15 per litre and GH¢14.74 per litre, respectively.

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.

In 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 increment in no time.

“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.

—CitiNewsroom