Ghanaians may soon face another surge in fuel costs as the Chamber of Petroleum Consumers (COPEC) projects that pump prices could rise to about GH¢18 per litre by April, driven by mounting global and domestic pressures on the petroleum market.
According to COPEC, the anticipated increase is largely influenced by rising global crude oil prices, exacerbated by geopolitical tensions, particularly in the Middle East. These developments have disrupted supply chains and heightened uncertainty across international energy markets, pushing prices upward.
The situation is further compounded by the depreciation of the Ghana cedi, which continues to weaken against major foreign currencies. Since Ghana relies heavily on imported refined petroleum products, a weaker cedi directly translates into higher landing costs for fuel.
COPEC also highlighted the impact of local market dynamics, including taxes, levies and distribution margins, which contribute to the final pump price consumers pay. The organisation warned that if current trends persist, the projected price levels could become a reality in the next pricing window.
The expected increase raises concerns about its ripple effects on the broader economy. Higher fuel prices are likely to drive up transportation costs, increase production expenses for businesses, and ultimately raise the cost of living for households.
COPEC has therefore called for urgent interventions, including measures to stabilise the cedi and review cost components within the petroleum pricing structure, to cushion consumers against further price shocks.
Source: Energy Crossroad
