Environmental IssuesOil and Gas

Fuel prices to increase again by 30pesewas – COPEC

Accra, Feb.14, – Consumers may have to brace themselves for more shocks in the coming days as fuel prices continue to rise. Fuel prices are expected to rise by up to 30 pesewas in the near future, according to the Chamber of Petroleum Consumers Ghana (COPEC).

“From 16th February 2022, at FOB price of $880.79, our estimated Ex-pump price is GHS7.764, thus it’s envisaged that the max Ex-pump price should stay around GHS7.750,” said Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC).

“From the 16th of February 2022, at a FOB price of $828.58, our predicted Ex-pump price is GHS7.981, thus the maximum Ex-pump price is expected to be about GHS7.950,” he added.

Currently, prices on the market are at an average of GHS6.4 per litre. Fuel prices have risen by around GHS1 since the beginning of the year, and talk of raising transportation costs is already circulating.

The National Petroleum Commission’s recent restoration of the Price Stabilisation and Recovery Levy (PSRL) did not assist matters. The NPA rationalized the move by claiming that it would allow it to continue carrying out the levy’s mandate.
Consumers saved 6 pesewas per litre on petrol, 14 pesewas per litre (GHp14/Lt) on diesel, and 14 pesewas per kilogram (GHp14/Kg) on LPG due to the temporary elimination.

While consumers are still trying to get used to the price increase, they would have to expect another increment which has an impact of about double that of the reintroduction of the Price stabilisation and Recovery levy.


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