According to Duncan Amoah, the executive secretary of the Chamber of Petroleum Consumers (COPEC), petroleum product prices could rise over the next two to three months.
Fuel prices at the pumps have been incrementally raised by Oil Marketing Companies (OMCs) by 3% to 8%. Analysts attribute this increase to the rise in oil prices on the global market, the recent decline in the value of the cedi relative to the dollar, and the National Petroleum Authority’s (NPA) adjustments to levies and margins.
Projections indicate that the upward trend is expected to persist. Mr. Amoah mentioned, “Projections for international market pricing suggest no immediate cooling off of prices. So, we might not see any moderation for about two to three months,” during his appearance on Starr Today on Friday, February 16, 2024.
In an effort to stabilize petroleum prices, Duncan Amoah has urged the Bank of Ghana (BoG) to address the cedi’s devaluation.
“That is why I’ve indicated that the Bank of Ghana would need to intervene to ensure that the local currency does not suffer any further devaluation. If we remain stable, whatever the international market pricing throws at us will have minimal impact. But if the cedi continues to weaken, then we could see additional price increases by March, April, or May,” he warned.
Duncan Amoah has raised concerns about the National Petroleum Authority’s (NPA) decision to increase the BOST margin.
Amoah finds it puzzling that a profitable corporation like BOST would raise its margin by 3 pesewas, although he acknowledges that some other levy adjustments may be justified.
Projections indicate that the upward trend is expected to persist. Mr. Amoah mentioned, “Projections for international market pricing suggest no immediate cooling off of prices. So, we might not see any moderation for about two to three months,” during his appearance on Starr Today on Friday, February 16, 2024.
