The Chamber of Petroleum Consumers Ghana (COPEC) has hinted that fuel prices will soon increase to about 10Gh per litre or more by 16th March, 2022 per the pump price expectations for the 2nd window of March, 2022.
This increase, according to COPEC, is as a result of the rising price of fuel on the international market and the depreciation of the Cedi against other trading currencies.
A released by COPEC stated that ‘beginning from Wednesday, the 16th of March, 2022 (2nd pricing window of March) shows that FOB prices of petrol has increased by 19.28% from $917.48/MT to 1094.33/MT, diesel by 34.57% from $845.50/MT to $1137.78/MT and LPG by 17.42% from $845.93/MT to $993.25/MT between the first window and second window of March’.
It was added in the statement that: ‘The petroleum price indicators as published by the NPA shows that the price of Gasoil (diesel) will increase by 30.41% from Ghc8.22 per litre in this current window to Ghc10.721 per litre beginning 16th March, 2022 and ex-pump prices of Gasoline (petrol) will increase by 18.25% from Ghc8.22 per litre to Ghc9.727 per litre within the same period’.
Fuel prices have constantly been on the rise from the start of the year and this could be partly attributed to the Price Stabilisation and Energy Recovery Levy, and COPEC has openly called for the reversal of such levies.
It was suspended last year as a means of reducing the burden on consumers but has been restored by the National Petroleum Authority (NPA) after it was suspended for about three months.
COPEC has urged the government to adopt the dual pricing module to stabilise fuel prices and the accompanying economic difficulties.
