The Chamber of Petroleum Consumers Ghana (COPEC) has announced that fuel prices are expected to rise by 4% starting Tuesday, July 16. This anticipated increase comes amid fluctuating global oil prices and economic pressures within the country.
In a statement released on Monday, COPEC Executive Secretary Duncan Amoah highlighted several factors contributing to the upcoming price hike. These include international market dynamics, exchange rate fluctuations, and recent adjustments in government levies on petroleum products.
“The global oil market has experienced significant volatility in recent weeks, leading to increased costs for crude oil. Additionally, the depreciation of the Ghanaian cedi against major international currencies has further impacted fuel import costs,” Amoah explained. “As a result, consumers should prepare for a 4% increase in fuel prices starting tomorrow.”
This development is expected to affect prices at the pump for both petrol and diesel. For the average Ghanaian motorist, the increase means paying more for transportation, which could have a ripple effect on the cost of goods and services across the country.
Public reaction to the news has been mixed. Some Ghanaians express concern over the financial strain the price hike will place on households and businesses already grappling with economic challenges. “Every increase in fuel prices means higher costs for everything else. It’s becoming very difficult to manage,” said Kwame Asare, a taxi driver in Accra.
On the other hand, industry experts acknowledge the need for price adjustments to reflect current market conditions. “While it’s unfortunate that prices have to go up, it’s a necessary adjustment to ensure the sustainability of fuel supply in the country,” noted energy analyst Sarah Nyarko.
COPEC has called on the government to explore measures to mitigate the impact on consumers, such as reducing taxes on petroleum products and promoting alternative energy sources. “It is crucial for the government to take proactive steps to cushion the effects on the average Ghanaian, especially those in the lower-income brackets,” Amoah urged.
As the price adjustment takes effect on Tuesday, Ghanaians are advised to plan accordingly and seek ways to manage fuel consumption efficiently. The rise in fuel prices underscores the ongoing challenges facing the energy sector and the broader economy.
story filed by: Nana Kwaku Duah
