The Chamber of Petroleum Consumers, Ghana (COPEC) says the price of petroleum products may see a decline if the oil secured by government is distributed this week.
Fuel prices on the international market have seen some marginal reductions over the past two-week period, but the sharp depreciation of the cedi on the local market will prevent a reduction on the local market.
Some prices of petroleum products are expected to go up from May 1st, 2022,
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.
A barrel of Brent Crude Oil which was going for about $66 a year ago, and $78 at the start of 2022, jumped 7.3% to $103.
The Institute for Energy Security (IES) has described the suspension of the Price Stabilization and Recovery Levy (PSRL) as an unrealistic strategy for bringing down domestic fuel prices.
“This has got to be reversed within the next seven days, if not, we shall picket at the Finance Ministry. This is unwarranted
Following an earlier projection by the Chamber of Petroleum Consumers Ghana (COPEC), prices at the pump may go up by at least 20 pesewas.