The Ghana Chamber of Petroleum Consumers, COPEC, predicts that petrol would cost GHS 9.00 per litre by the end of March this year.
According to COPEC, the unusual increase in fuel costs is due in part to the cedi’s devaluation and Russia’s invasion of Ukraine, which is affecting world market pricing.
His remarks follow an increase in gasoline rates at certain stations from GHS 7.99 to GHS 8.29.
In an interview, COPEC Executive Secretary Duncan Amoah said that current fuel prices are indeed on the rise.
“What the situation in Ukraine will mean is that international market prices will continue to surge. Again, we also have a situation where the cedi is not doing so well. I foresee the Ghanaian fuel prices crossing GHS 9.00 per litre before the end of the month.”
Only two weeks ago, fuel prices averaged GHS6.4 per litre after the National Petroleum Authority reintroduced the Price Stabilisation and Recovery Levy (PSRL).
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), said that he anticipated the rise to be considerably larger.
COPEC earlier warned that if Ghanaian authorities do nothing to address growing global fuel costs as Russia invades Ukraine, petrol prices at the pumps might reach the GHs8 level in the first pricing window of March.
The Institute for Energy Security (IES) predicts a 4% rise in Liquefied Petroleum Gas (LPG), Diesel, and Petrol prices at the pump in the first pricing window of March.
Brent Crude Oil, which was selling for about $66 a barrel a year ago and $78 at the start of 2022, increased by 7.3 percent to $103.9 a barrel in February.
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SOURCE: CITINEWS
