The Chamber of Petroleum Consumers (COPEC) is calling on the Ghanaian government to take swift action in response to rising fuel prices, which have seen a third consecutive increase this year.

Fuel prices have surged significantly, with the first pricing window of February continuing the upward trend set 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. Similarly, Star Oil has kept its petrol price steady at GH₵14.99 but increased its diesel price from GH₵14.99 to GH₵15.37.

These price hikes are driven by fluctuations in the global crude oil market and the depreciation of the local currency, which have pushed up the cost of fuel imports.

Duncan Amoah, COPEC’s Executive Secretary, warned that the continued increase in fuel prices could exacerbate economic strain for businesses and consumers alike. In an interview with Citi Business News, Amoah emphasized the need for a strategic intervention to stabilise prices.

“Clearly, we are not out of the woods. Something has to give. A plan or a strategy needs to be in place to cushion all of us,” Amoah stated. “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 at the price you want it.”

COPEC’s appeal underscores growing concerns about the rising cost of living and its potential impact on Ghana’s broader economic stability. The organization is urging the government to implement immediate measures to address the ongoing price increases.

Source:TheDotNews