The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has projected an imminent surge in fuel prices, with expectations that it will soon surpass GH¢16 or GH¢17 per litre.

This forecast aligns with a similar prediction made by Nana Amoasi VII, the Executive Director of the Institute for Energy Security (IES), during an interview on Citi FM.

Consumers in Ghana are preparing for the likelihood of elevated fuel costs following the National Petroleum Authority's (NPA) decision to lift the suspension of the Price Stabilisation and Recovery Levy on petroleum products.

On April 3, 2024, the NPA issued a directive to stakeholders in the oil marketing and distribution sector, mandating additional charges: 16 pesewas on a litre for Petrol, 14 pesewas on a litre for Diesel, and 14 pesewas for every kilogramme of Liquefied Petroleum Gas (LPG).

Read also: Government temporarily suspends implementation of price Stabilisation and Recovery levy on petroleum products

Consequently, GOIL, the state-owned Oil Marketing Company, has adjusted its prices. Effective April 4, 2024, petrol and diesel are now retailed at GH¢14.15 per litre and GH¢14.74 per litre, respectively.

This recent uptick in fuel prices marks the most significant escalation since February 2023, when a litre of fuel was priced at GH¢15.40 and diesel at GH¢15.50.

During a conversation with Selorm Adonoo on Eyewitness News on Citi FM, Mr Amoah underscored the prevailing trends in the international market price and the performance of the Ghanaian Cedi, suggesting an impending increment.

“We are widely exposed, and the signals as far as international market price movement and the cedi’s performance is concerned don’t look too good and sooner than later fuel will cross [GH¢]16, [GH¢]17 in no time,” he stated.