Fuel prices continue to increase reaching a record GHC8 per litre with the shortest period of time under the Akufo-Addo led government.
As fuel prices continue to hike, consumers may have to brace themselves for more shocks in the next couple of days.
Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah stated that “From 16th February 2022, at FOB price of $880.79, our projected Ex-pump price is GHS7.764, so it’s expected that the max Ex-pump price shall be hovering around GHS7.750”
“From 16th Feb 2022, at FOB price of $828.58, our projected Ex-pump price is GHS7.981, so it’s expected that the max Ex-pump price shall be hovering around GHS7.950” he added.
Currently, prices on the market are at an average of GHS6.4 per litre.
The price of fuel has increased by about GHS1 since the start of the year and already, conversations about an increase in transport fares are rife.
The recent reinstatement of the Price Stabilisation and Recovery Levy (PSRL) by the National Petroleum Commission did not help issues either. The move, the NPA justified was to enable it to continue delivering on the mandate of the levy.
The temporary removal gave consumers respites of 6 pesewas per litre on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram (GHp14/Kg) on LPG.
While consumers are still trying to get used to the price increase, they would have to expect another increment which has an impact of about double that of the reintroduction of the Price stabilisation and Recovery levy.