Fuel prices expected to go up by 10% – COPEC

Source: Joy Business

Fuel prices are expected to go up by 10%, beginning this Sunday, October 16, 2022.

According to the Chamber for Petroleum Consumers (COPEC), this is due to a 3.66% increase in the price of crude oil and 4.08% depreciation in the value of the cedi to the dollar.

This means petrol is expected to sell at ¢12.38, from the current price of ¢11.06, whilst diesel will go for ¢15.16, from the previous ¢13.95.

“The upcoming second fuel pricing window of October 2022 which commences on Sunday, 16/10/2022, fuel prices across pumps within the country are projected to see an increase of average of 10% for both petrol and diesel”. From observed figures within the downstream industry and forex movements, COPEC anticipates an average price escalation of about 10.12% for both petrol and diesel”.

For Liquefied Petroleum Gas, the price of LPG is likely to go up by 5.04% to sell at around ¢10.21 per kilogramme.

“We implore on the petroleum service providers to be considerate of applying the full force of the indexes in their pricing as times are rough for everyone, we are without equivocation, mindful that, the projected figures are conservatively lower than what the actuals could be due to the continuous depreciation of the local currency”, Duncan Amoah, Executive Secretary of COPEC said.

“COPEC is once again, further, admonishing the government to do whatever it deems necessary, to ensure an urgent stabilisation of the cedi to the dollar exchange rate in order to prevent pricing of petroleum products getting to an impending disaster as the effect of these steep increases in fuel prices cuts across all sectors of the local economy”, it said.

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