Ghanaian consumers should brace for higher fuel costs as the Chamber of Petroleum Consumers (COPEC) announced expected price hikes across petrol, diesel, and LPG. Rising global crude oil prices and the weakening cedi are cited as key drivers.
According to COPEC Executive Secretary Duncan Amoah, petrol prices could increase by around 3.38%, from GH¢12.18 to GH¢12.59 per litre, while diesel may surge nearly 10%, rising from GH¢12.49 to GH¢13.71 per litre. LPG is also projected to go up by 1.97%, reaching GH¢11.87 per kilogram.
“These adjustments reflect international market trends and currency pressures impacting petroleum import costs,” the statement said.
COPEC noted that prices may vary slightly between pumps but should remain within a five percent margin of the projected rates.
Amoah encouraged Oil Marketing Companies (OMCs) to help cushion consumers from the impact. “We appeal to OMCs to absorb part of the increase to prevent significant hardship on the public,” he emphasised.
Understanding the components:
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CIF Price: Cost of fuel on the international market, plus insurance and shipping to Ghana
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Exchange Rate: Conversion of the CIF price into cedis
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Supplier Premium: Charges by BIDECs for importation and operational costs
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Taxes and Levies: Government-imposed charges such as the Energy Debt Recovery Levy and Road Fund Levy
COPEC is an active consumer advocacy group that regularly monitors fuel prices, engages with government and regulatory bodies, and provides policy recommendations to protect consumers. It also conducts sector analyses, highlights management issues in key petroleum institutions, and issues market alerts to counter misinformation.
Fuel prices are reviewed twice monthly, reflecting a two-week average of global prices and the cedi’s exchange rate.
While most petroleum products are deregulated, some, including Premix Fuel and Residual Fuel Oil, remain regulated and subsidized due to their importance in the fishing and manufacturing sectors.
