Ghana’s Chamber of Petroleum Consumers predicts an increase in fuel prices

The Chamber of Petroleum Consumers (COPEC) has hinted that the prices of fuel will see another upward adjustment at the pumps.

Fuel prices to go up again

COPEC said that the National Petroleum Authority (NPA) has formally written to Petroleum Service Providers to inform them of an adjustment of “some elements on the already high petroleum price build-up and fuel prices”.

This is coming after fuel prices were increased only last week.

A statement from COPEC said, “Our attention has been drawn to a Memo from the National Petroleum Authority (NPA) dated Friday 13/12/2019, to all Petroleum Service Providers indicating a decision to further increase some elements on the already high petroleum price build-up and fuel prices.”

“Per the directive which is expected to take effect tomorrow, 16/12/2019, all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPG-MCs) are to apply an upward review of a combined 4 pesewas increase to Ghanaian pump prices,” the statement said.

It added: “Per the directive, the controversial BOST margin which currently stands at 3p/litre or some cumulative 10,200,000.00 from consumers is to be increased by 100% to a new rate of 6p/ litre or some cumulative 20,400,000.00 from consumers based on current conservative estimates of some 340 million litres of fuel consumed monthly, the UPPF component also gets increased by 4.7% or 1p from the current 21p/litre to 22p/ litre or some 3,420,000.00 cumulative monthly.

“Fuel prices across pumps within the country went up by some 1% just last week following from days of sharp depreciation of the cedi and is believed could go up further in the next window starting tomorrow as the cedi continues to depreciate.”

Find below the statement from NPA to Petroleum Service Providers

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