The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has hinted an imminent surge in fuel prices, with expectations that it will soon surpass GH¢16 or GH¢17 per litre.
This forecast aligns with a similar prediction made by Nana Amoasi VII, the Executive Director of the Institute for Energy Security (IES).
Confirming this assertion with the head of research and pricing Mr. Sampson Addae on Plan B FM’s late afternoon show EBAANOSEN hosted by Ohene Kinnah, Mr. Addae said, Consumers in Ghana are preparing for the likelihood of elevated fuel costs following the National Petroleum Authority’s (NPA) decision to lift 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, mandating additional charges: 16 pesewas on a litre for Petrol, 14 pesewas on a litre for Diesel, and 14 pesewas for every kilogramme of Liquefied Petroleum Gas (LPG).
Effective April 4, 2024, petrol and diesel are now retailed at GH¢14.15 per litre and GH¢14.74 per litre, respectively.
This recent uptick in fuel prices marks the most significant escalation since February 2023, when a litre of fuel was priced at GH¢15.40 and diesel at GH¢15.50.
Mr. Addae underscored the prevailing trends in the international market price and the performance of the Ghanaian Cedi, suggesting an impending increment.
“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.
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