The Chamber of Petroleum Consumers Ghana (COPEC) has hinted that fuel prices could go up by 30 pesewas soon.
According to COPEC’s Executive Secretary, Duncan Amoah, “From 16th February 2022, at FOB price of $880.79, our projected ex-pump price is GH₵7.764, so it’s expected that the max ex-pump price shall be hovering around GH₵7.750”
Presently, prices on the market are at an average of GH₵6.4 per litre.
In 2022 alone, the price of fuel has increased by about GH₵1, and public transport operators are holding conversations to increase transport fares.
The restoration of the Price Stabilisation and Recovery Levy (PSRL) by the National Petroleum Authority did not help issues either.
The move, the NPA justified was to enable the sector have enough revenue to subsidize the supply of petrol, diesel, and LPG.
The temporary removal gave consumers a relief of 6 pesewas per litre on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram (GHp14/Kg) on LPG.
Therefore, while consumers are still trying to get used to the price increase, they would have to expect another increment which has an impact of about double what they experienced due to the reintroduction of the PSRL.