COPEC calls for special petroleum fund to cushion consumers against fuel price surges

The Chamber of Petroleum Consumers (COPEC) is urging the government to create a Special Petroleum Fund that would help stabilise fuel prices and shield consumers from sharp increases driven by global market volatility.

COPEC argues that such a fund would allow the state to import and stockpile fuel whenever international prices drop, and release the products onto the local market during periods of high prices. This, they say, would ease the financial pressure on motorists and businesses and bring predictability to pump prices.

The proposal comes on the heels of COPEC’s latest projections, which show a looming increase in fuel prices. Petrol is expected to climb by 3.38%, moving from an average of GHS 12.18 per litre to GHS 12.59. Diesel is projected to rise even more steeply by 9.81%, from GHS 12.49 per litre to GHS 13.71.

Speaking to Citi News on Sunday, November 16, 2025, COPEC’s Head of Research and Training, Paul Ofori, underscored the urgency of establishing a long-term buffer to protect consumers from frequent global price shocks.

He expressed disappointment that earlier recommendations to government had not been implemented, stressing that a proactive mechanism like the proposed petroleum fund would help stabilise the domestic market.

Mr Ofori explained that storing fuel during favourable price windows and releasing it during spikes would create a more steady pricing environment and prevent sudden hardships for the public.

COPEC maintains that without such measures, consumers will continue to face unpredictable and burdensome increases at the pump.