Fuel price per litre will hit GH¢8 by March 2022 – COPEC predicted

The Executive Secretary of Chamber of Petroleum Consumers (COPEC), Duncan Amoah, is lamenting that government is doing too little to bring down the prices of fuel and must immediately adopt means to address the incessant increments.

COPEC has asked the government to adopt measures aimed at cushioning Ghanaians against the astronomical increase in petroleum prices.

“In real terms, fuel price increasing these days happens to be one of the very things pushing the economy to the brink. The year began with fuel price at GH¢6.6. Unfortunately, we now have some OMCs selling at GH¢7.50. It’s our estimation that probably by the end of March, if international price trends continue to move as it is doing currently, we would be crossing the GH¢8 mark.”

Prices of fuel have gone up at the pumps across the country because the Price Stabilization and Energy Recovery levy, which is a key component of the fuel price buildup, has been restored by the National Petroleum Authority (NPA) after it was suspended for about three months to reduce the burden on consumers.

Meanwhile, COPEC has called for the withdrawal of the levy and has now urged the government to adopt the dual pricing module to stabilise fuel prices and the accompanying economic difficulties.

“Our expectation as a chamber is that, authorities should be looking for ways to bring down fuel prices. One could bring the dual pricing method where anytime international market prices go up, they ease down on the taxes and anytime international prices decline, they can [apply] the full extent of the taxes because fuel prices going up on the world market is of greater benefit to Ghana than we are currently making it to be.”

“So as you can see, we have crossed the GH¢7 mark, it’s quite certain that by the second window of February which will commence in about 12 days, prices will go up again”, he added.

The National Petroleum Authority (NPA), last year approved the removal of the Price Stabilisation and Recovery Levy (PRSL) on petrol, diesel, and LPG for two months as requested by the president.

Currently, some Oil Marketing Companies are already selling fuel beyond the GH¢ 7 per litre mark, which means the reintroduction of the levy will send prices further above GH¢ 7 per litre in some months ahead.

Other institutions like the Institute for Energy Security (IES) has also said the prices of fuel are expected to increase at various pumps across the country due to an upsurge in the prices of the commodity on the international market.

Source: otixpres.com