Fuel prices will hit 9 cedis per litre before the end of March – COPEC predicts

The Chamber of Petroleum Consumers Ghana, (COPEC) has said fuel prices will likely hit the GHS 9 mark before the end of the month.

Executive Secretary of COPEC, Duncan Amoah, said the current prices at the pumps is actually on the downside.

“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 as the Price Stabilisation and Recovery Levy (PSRL) was reinstated by the National Petroleum Authority.

The Chamber of Petroleum Consumers’ (COPEC) Executive Secretary, Duncan Amoah, said he had expected the increase to be much higher.

According to COPEC, the unprecedented hike in the prices of fuel is partly due to the depreciation of the cedi and Russia’s invasion of Ukraine which is affecting international market prices.

A barrel of Brent Crude Oil which was going for about $66 a year ago, and $78 at the start of 2022, jumped 7.3% to $103.9 a barrel in February.

This comes after Russian President Vladimir Putin ordered the invasion of Ukraine.

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