If steps are not taken to curb the rampant increase in the prices of fuel at the country’s filling stations, the Chamber of Petroleum Consumers Ghana (COPEC) predicts that fuel prices could reach GHS18 per litre by the end of the year.
‘We are now hitting GHS15 per litre for fuel,’ according to Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), who was speaking to Citi Business News.
‘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 GHS17 and GHS18 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.
At some locations around the nation, the price of fuel has recently increased to approximately GHS16 per litre.
For instance, the cost of diesel is currently GHS15.99 at a top oil marketing company, Total Energies, while the cost of gasoline is GHS13.10.
This represents a significant increase over the GHS11.06 per litre for gasoline and GHS13.95 for diesel earlier in the month.
The country’s rapidly rising fuel prices, which began in January at roughly GHS6.5 per litre, have mostly been linked to the increase in the price of the good on international markets.
Crude oil was selling for about $75 per barrel in January of this year, but it is now selling for roughly $86 per barrel.
On the other side, the dollar, which cost GHS6.5 at the beginning of the year, is now worth more than GHS12.
Original Source: CBN