Fuel prices may go up by 3.7% this month – COPEC predicts

The Chamber of Petroleum Consumers (COPEC) has hinted that prices of petrol and diesel are expected to go up this month.

According to COPEC, prices of the products may go up by 3.7% and 2.5% respectively, in the 1st Pricing Window of January 2022.

In nominal terms, COPEC insisted that ex-pump prices of petrol and diesel are expected to increase by 24 and 17 pesewas, respectively.

Prices of fuel products have over the period surged due to the increment in crude oil prices on the international market, inflation and the depreciation of the Ghana cedi.

With an expected adjustment of the price of fuel products in the first pricing window of January, COPEC in a press statement disclosed that consumers should prepare to pay more for the same product.

COPEC asserted that if the government suspends the zeroing of the Price Stabilization Recovery Levy on fuel products, then ex-pump prices could surge by at least 34 pesewas.

It, however, said some of the OMCs may not increase the prices of their products.

“The ex-pump prices of petrol and diesel are expected to surge up by 3.7% and 2.5% respectively. In normal terms, ex-pump prices of petrol and diesel are expected to increase by 24 pesewas amnd17 pesewas respectively. The average surge for both products in normal terms is 20 pesewas representing 3.1%.”

“Some OMCs could increase their products less than the 20 pesewas increase due to competition.”

Find here a statement from COPEC on this issue.