Accra, Ghana – The Chamber of Petroleum Consumers (COPEC) is urging the Ghanaian government to take swift action to address the ongoing surge in fuel prices.
Following the third consecutive price increase this year, consumers are facing significant financial burdens. Shell has increased its petrol price from GH₵15.59 per litre to GH₵16.23, while diesel has risen from GH₵15.79 to GH₵16.20. Star Oil has also increased diesel prices from GH₵14.99 to GH₵15.37.
These price hikes are attributed to the volatile global crude oil market and the depreciation of the local currency, which have significantly increased fuel importation costs.
COPEC Executive Secretary Duncan Amoah warned that the continuing upward trend in fuel prices could have a prolonged and detrimental impact on the Ghanaian economy.
Speaking with Citi Business News, Amoah stressed the urgency of a comprehensive strategy to stabilize fuel prices. “Clearly we are not out of the woods and something has to give. A plan or a strategy needs to be in place to cushion all of us. You can’t continue to have your refinery down. You can’t continue to import everything. You can’t continue to be a price taker and expect that your people will get fuel the price you want it,” he said.
COPEC’s call for action underscores the growing concerns about the impact of rising fuel prices on the cost of living and economic stability.
