Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), anticipates that fuel prices in Ghana will soon surpass GH¢16 or GH¢17. This prediction follows a similar forecast by Nana Amoasi VII, the Executive Director of the Institute for Energy Security (IES), who discussed the likelihood of significant price hikes during an interview on the Citi Breakfast Show (CBS) on Citi FM.
The National Petroleum Authority (NPA) has decided to lift the suspension of the Price Stabilization and Recovery Levy on petroleum products, indicating higher prices for fuel consumers. On April 3, 2024, the NPA issued a directive to 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).
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.
This surge in fuel prices marks the largest increase since February 2023. During that period, 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, Mr Amoah pointed out that trends in the international market price and the performance of the Cedi indicate an imminent increase. He emphasized that the outlook doesn’t look favorable, suggesting that fuel prices could rise beyond GH¢16 or GH¢17 soon.
Source: citinewsroom