Chamber of Petroleum Consumers (COPEC) has hinted that Fuel Prices in Ghana is about to go up again to cross GH¢9 & GH¢10 Per Litre.
Ghanaians are already in pain especially drivers, and not just them, also passengers who board commercial vehicles over the recent hike in price for fuel in the country, it now sells at around GH¢8.4, and already there are cries for the government to intervene but looking at things, it seems nothing can be done about it anytime soon and that Ghanaians just have to cope with it.
The Chamber of Petroleum Consumers (COPEC), which is an advocacy group that sets out to protect the petroleum consumers who are the weakest block among the downstream petroleum sector has predicted that the prices of fuel in Ghana may hit GH¢9 & GH¢10 Per Litre starting from Wednesday, March 16th, 2022.
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COPEC made these predictions known in a press statement released by them on Monday, March 14th, and already in has brought about a whole lot of mixed reactions as Ghanaians expressed worries and disappointments toward the ruling NPP Government.
According to the statement, the prices of petrol has increased by 19.28% from $917.48/MT to 1094.33/MT, diesel price has also increased by 34.57% from $845.50/MT to $1137.78/MT, while LPG has also increased by 17.42% from $845.93/MT to $993.25/MT all in between the first and second window of march e.i (1st-15th March 2022) and (16th -31st March 2022).
COPEC also disclosed that the Ghana cedi has seen a sharp depreciation against the dollar by 9.71% from Ghc6.8360 to Ghc7.500 to a dollar. However, the National Petroleum Authority (NPA) quoted a Ghana Cedi equivalent of Ghc7.179 to a dollar which is even lower than what the market is trading at.
“The petroleum price indicators as published by the NPA shows that the price of Gasoil (diesel) will increase by 30.41% from Ghc8.22 per litre in this current window to Ghc10.721 per litre beginning 16th March 2022 and ex-pump prices of Gasoline (petrol) will increase by 18.25% from Ghc8.22 per litre to Ghc9.727 per litre within the same period.”
The statement again stated that “The ex-pump prices of diesel and petrol could increase by 24.33% averagely from Ghc8.22 per litre in this current window to Ghc10.22 per litre beginning 16th March 2022 for these two products. This means that a gallon of fuel will move from ghc37/gallon to Ghc45.99 beginning Wednesday, 16th March 2022.”
Also, The ex-pump prices of LPG will also increase by 23% from Ghc9.8 per kg in this current window to Ghc12.04 per kg in the next window beginning 16th March 2022. This implies that 14.5kg will be sold at Ghc174.58.
This simply means that a 14.5kg will be sold at Ghc174.58,” according to COPEC.
Click here to read the full statement from COPEC
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