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 GH¢18 per litre by the end of the year.
“We are now hitting GH¢15 per litre for fuel,” said Duncan Amoah, Executive Secretary of 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 GH¢17 and GH¢18 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 GH¢16 per litre.
For instance, the cost of diesel is currently at GHS15.99 at a top oil marketing company, Total Energies, while the cost of gasoline is GH¢13.10.
This represents a significant increase over the GH¢11.06 per litre for gasoline and GH¢13.95 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 GH¢12.