Fuel prices expected to go up – COPEC

The Chamber of Petroleum Consumers Ghana (COPEC) has predicted that fuel prices in Ghana are likely to go up in the coming days.

Executive Director of the COPEC, Duncan Amoah said this is as a result of the prices on the international market recording upward trend over the past few weeks.

He said “There is increasing pressure on the various oil marketing companies. Over the past few days, if you look at the international benchmarks, prices have gone up so BDC prices have gone up and then again the cedi is also struggling against the dollar largely.

“What that means is that prices naturally would have had to go up at the pumps. Then again they are also considerate of Ghanaians– the holiday Christmas approaching.

“We believe strongly that they may not be able to absorb the numbers except and until the government decides to ease off the price stabilization and recovery margin at this time.”

“If that is not done it is quite likely that we may see increases in fuel prices between 3 and 5 percent by Thursday this week,” he told Citi.