COPEC predicts further increases in prices of petroleum products from Tuesday

The Chamber of Petroleum Consumers (COPEC) has predicted a 10 percent increase in prices of Liquefied Petroleum Gas (LPG) with petrol and diesel likely to see an increase between GHS 3 and GHS 8 effective Tuesday, November 1, 2022.

COPEC says this has been as a result of the international price movements of the petroleum products.

Currently, some Oil Marketing Companies are selling petrol at GHS 17 while diesel sells at GHS 19.

“We are certain that one of the key things confronting the generality of Ghanaians currently has to do with fuel prices that keep increasing week in, week out. As of October 28, we were doing an average GHS 14 for petrol while diesel was averaging between GHS 17 to GHS 19 a liter”, says Executive Director of COPEC, Duncan Amoah.

Government has said the country’s era of abnormal increases in prices of petroleum products will soon be over.

This is because, steps are being taken to “secure reliable and regular sources of affordable petroleum products”, to bring reprieve to consumers of the product.

“Government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market. It is expected that this arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to us all”, President Akufo-Addo assured.

Industry players have warned of tougher times ahead as prices of petroleum products continue to increase.

In an interaction with Citi News, the Executive Director of COPEC, Duncan Amoah said there is likely to be a further increase effective Tuesday.

“Most of us expected that, the presidential address will attempt some urgent solutions to the situation we find ourselves in in respect of forex and ways to bring down prices. Unfortunately, the only bit we heard was that we are going to explore fuel from cheaper places we do not have the details.  To say that, we are not probably out of the woods yet as far as fuel price increases will be understatement. On Tuesday, expectations within the downstream market could go up again.”