COPEC warns of imminent fuel price hike in Ghana

The Chamber of Petroleum Consumers (COPEC) has issued a fresh alert to motorists in Ghana, warning that fuel prices at the pumps are likely to rise significantly in the coming weeks.

According to COPEC’s Executive Secretary, Duncan Amoah, the projected increase is primarily driven by deepening geopolitical instability in the Middle East.

The region, which hosts some of the world’s largest oil producers, has experienced heightened volatility, pushing international crude oil prices toward the $90-per-barrel mark.

“The global oil market is reacting sharply to the uncertainties in the Middle East,” Mr Amoah said. “As a price-taking nation, Ghana is unfortunately positioned to feel the brunt of these international shocks almost immediately.”

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Beyond global crude price increases, COPEC identified two additional factors compounding the pressure on local consumers: cedi depreciation and rising freight costs.

The Ghana cedi’s continued weakening against the US dollar has made the importation of finished petroleum products more expensive for Bulk Oil Distributing Companies (BDCs).

Potential disruptions to shipping routes in the Red Sea have also forced vessels to take longer, more costly routes, adding what industry players describe as a “war premium” to the final cost of fuel.

COPEC is calling on the government to consider a temporary suspension or reduction of some petroleum taxes, including the Price Stabilisation and Recovery Levy (PSRL), to cushion the impact on consumers.

Major Oil Marketing Companies (OMCs) are expected to reflect these changes in their pricing in the next pricing window, potentially pushing petrol and diesel prices above GH¢15 per litre.

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