Ghanaian motorists should brace for a sharp rise in fuel prices, the Chamber of Petroleum Consumers (COPEC) has warned.
In a statement released today, COPEC projected that petrol prices could climb from GH¢16.90 to GH¢17.78 per litre, while diesel may see an even steeper jump from GH¢18.24 to GH¢22.42 per litre in the next pricing window.
COPEC attributed the expected increases to rising international Free-on-Board (FOB) prices and a recent 1.2% depreciation of the cedi. Petrol’s FOB price rose by 4.26%, and diesel’s by a significant 8.51%, pushing pump prices higher.
According to COPEC, petrol is expected to retail between GH¢16.89 and GH¢18.67 per litre, while diesel could range from GH¢19.40 to GH¢21.44 per litre, within a ±5% margin of their projections.
To help cushion consumers from the impact, COPEC called on the government to fast-track expansion works at the Tema Oil Refinery (TOR), aiming to boost refining capacity from 45,000 to 100,000 barrels per day. The chamber believes this move would reduce Ghana’s reliance on imported petroleum products and help stabilize prices in the long run.
COPEC also appealed to Oil Marketing Companies (OMCs) to consider reducing their profit margins temporarily, so as not to overburden consumers amid the looming price hikes.
Source: Apexnewsgh.com