Fuel prices to go up again – COPEC hints

The Chamber of Petroleum Consumers has hinted of another upward adjustment in fuel prices at the pumps.

According to the chamber, the National Petroleum Authority (NPA) has written to Petroleum Service Providers notifying them of an adjustment “some elements on the already high petroleum price build-up and fuel prices”.

Fuel prices went up only last week.

“Our attention has been drawn to a Memo from the National Petroleum Authority ( NPA ) dated Friday 13/12/2019, to all Petroleum Service Providers indicating a decision to further increase some elements on the already high petroleum price build-up and fuel prices.

“Per the directive which is expected to take effect tomorrow, 16/12/2019, all Oil Marketing Companies ( OMCs ) and LPG Marketing Companies ( LPG-MCs ) are to apply an upward review of a combined 4 pesewas increase to Ghanaian pump prices,” the statement said.

It added: “Per the directive, the controversial BOST margin which currently stands at 3p/litre or some cumulative 10,200,000.00 from consumers is to be increased by 100% to a new rate of 6p/ litre or some cumulative 20,400,000.00 from consumers based on current conservative estimates of some 340 million litres of fuel consumed monthly, the UPPF component also gets increased by 4.7% or 1p from the current 21p/litre to 22p/ litre or some 3,420,000.00 cumulative monthly.

“Fuel prices across pumps within the country went up by some 1% just last week following from days of sharp depreciation of the cedi and is believed could go up further in the next window starting tomorrow as the cedi continues to depreciate”.