COPEC calls for immediate government action as fuel prices surge

The Chamber of Petroleum Consumers (COPEC) is pressing the Ghanaian government for swift intervention to address the ongoing rise in fuel prices, which has now reached its third consecutive increase this year.

Consumers are facing significant price hikes, with the first pricing window of February following a similar trend seen in January.

Shell has raised its petrol price from GH₵15.59 per litre to GH₵16.23, while diesel has increased from GH₵15.79 to GH₵16.20. Star Oil, while keeping petrol at GH₵14.99, has raised diesel prices from GH₵14.99 to GH₵15.37.

These price hikes reflect the volatile global crude oil market and the depreciation of the local currency, both of which have contributed to rising fuel importation costs.

COPEC’s Executive Secretary, Duncan Amoah, has warned that the continuing upward trend in fuel prices could lead to a prolonged period of economic strain for businesses and consumers.

Speaking with Citi Business News, Amoah stressed the urgency of a comprehensive strategy to stabilise fuel prices.

“Clearly we are not out of the woods and something has to give. A plan or a strategy needs to be in place to cushion all of us. You can’t continue to have your refinery down. You can’t continue to import everything.

“You can’t continue not to have a strategic reserve at this point. You can’t continue to be a price taker and expect that your people will get fuel the price you want it. Something needs to be done”, he said.

COPEC’s call for action highlights the growing concerns over the impact of rising fuel prices on the cost of living and economic stability, urging the government to take immediate steps to address the situation.

Source: Citi Business News