The Executive Secretary for the Chamber of Petroleum Consumers Ghana (COPEC), Mr. Duncan Amoah has disclosed that per the current rate of the dollar as compared with the cedi, fuel prices in Ghana are likely to hit GH₵18 per litre in December 2022.
As of last week, some forex bureaux were selling 1 dollar between GH₵11.75 and GH₵12.2.
COPEC has urged the government to take the necessary steps to intervene in the situation now before it gets out of hand since fuel prices are almost hitting GH₵16.00 per litre at the pumps in Ghana now.
In a business discussion followed by the Ghana Report on Citi, the Secretary indicated that ‘The cedi has undoubtedly not reached a point of stability, and if it keeps falling, a further increase is expected to occur in the first week of November. Between now and December, Ghanaians may have to spend between GH₵17 and GH₵18 a litre for fuel’
“I do not want us to get there and I think that authorities and those within the policy space will need to wake up from their sleep.”, He added.
Other filling stations have increased their fuel prices and 1 litre is almost selling at GHC16.OO.
According to Mr. Duncan, “the cost of diesel is currently GH₵15.99 …….. while the cost of gasoline is GH₵13.10 and to him “this represents a significant increase over the GHS11.06 per litre for gasoline and GH₵13.95 for diesel earlier in the month”.
The Executive Secretary attributed the rapid increase in fuel prices under this government to the increased demand for crude oil on the international market. He urged the government to also find suitable solutions to the crisis to make it convenient for Ghanaians to purchase fuel in the country.
According to him, “crude oil was selling for about $75 per barrel in January of this year, but it is now selling for roughly $86 per barrel”.
COPEC is hoping the government will listen to their voice and act on the issue before the end of the year.