Fuel prices to increase by 24%, COPEC predicts

The Chamber of Petroleum Consumers Ghana (COPEC) is predicting that prices of petroleum products will increase to over GHC10 per litre indicating an average of 24%, beginning 16 March 2022.

According to COPEC, the forecast is based on the rising cost of crude on the international market and the fast depreciation of the Ghanaian cedi against major trading currencies.

A statement signed by the executive director of COPEC, Duncan Amoah said the Free On Board (FOB) prices of petrol increased by 19.28% from $917.48/MT to 1094.33/MT, diesel by 34.57% from $845.50/MT to $1137.78/MT and LPG by 17.42% from $845.93/MT to $993.25/MT between the first pricing window (1st-15th March 2022) and the second window (16th -31st March 2022).

“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 16 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.”

COPEC added that 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 16 March 2022.

“This implies that a 14.5kg will be sold at GHC174.58.”

Read the full statement below:

16th March, Ex-pump prices

Withdraw price stabilisation and recovery levies

In February, COPEC gave a seven-day ultimatum to the government to withdraw the price stabilisation and recovery levies or face its wrath.

The levy was suspended last year as a means of reducing the burden on consumers.

However, with the grace period ending on 31 January, the National Petroleum Authority in its latest release at the time re-introduced the levy on petrol, diesel and Liquified Petroleum Gas.

But speaking to Asaase News, Duncan Amoah, the executive secretary of the Chamber of Petroleum Consumers Ghana, (COPEC) said that was not the time to reintroduce the levy.

Source: https://asaaseradio.com/fuel-prices-to-increase-by-24-copec-predicts/