COPEC Urges Immediate Government Action as Fuel Prices Continue to Rise
COPEC Urges Government to Stabilize Fuel Prices Amid Economic Strain
- COPEC is calling on the Ghanaian government to take urgent action in response to the ongoing surge in fuel prices
- Consumers are facing significant hikes in fuel prices
- Amoah emphasized the need for a comprehensive strategy to stabilize fuel prices.
The Chamber of Petroleum Consumers (COPEC) is calling on the Ghanaian government to take urgent action in response to the ongoing surge in fuel prices, which marks the third consecutive increase this year.
Consumers are facing significant hikes in fuel prices, with the first pricing window of February following a trend similar to January.
Shell has raised its petrol price from GH₵15.59 per litre to GH₵16.23, and diesel has increased from GH₵15.79 to GH₵16.20. Meanwhile, Star Oil has maintained its petrol price at GH₵14.99 but has raised its diesel prices from GH₵14.99 to GH₵15.37.
These price hikes are driven by the volatile global crude oil market and the depreciation of the local currency, which have led to rising fuel importation costs.
COPEC’s Executive Secretary, Duncan Amoah, warned that the persistent rise in fuel prices could result in prolonged economic hardship for both businesses and consumers.
Amoah emphasized the need for a comprehensive strategy to stabilize fuel prices.
“Clearly, we are not out of the woods and something has to give. A plan or strategy needs to be in place to cushion all of us,” he stated. “You can’t continue to have your refinery down, you can’t continue to import everything, and you can’t continue to be a price taker and expect your people to get fuel at the price you want.”
COPEC’s call highlights growing concerns over the rising cost of living and its potential impact on economic stability, urging the government to take immediate steps to address the situation.
