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Increase in fuel prices caused by cedi depreciation - COPEC
Fuel prices at the pumps saw an increase on Tuesday (January 17, 2017) after an initial increase in the previous week.
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The Executive Secretary of COPEC, Duncan Amoah in an interview with Accra-based Citi FM said the depreciation has led to speculations in the market causing an increase of about 4 to 10 percent in fuel prices.
He therefore called on government to review some of the tariffs on petroleum products to help cushion the ordinary Ghanaian.
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“Primarily, what is accounting for all of these seems to be the Cedi depreciating further against the dollar; and in the industry, speculation is that, it is going to hit about 4.5 before the end of the month [January].”
“Today as we speak, the petroleum tax alone is driving all of us to the point we are seeing ourselves in… the taxes that we have been complaining about like I indicated; the national petroleum tax initially, was around 33 pesewas per litre, but today it has shot up to almost 54-55 pesewas per litre,” he added.
The price of a litre of petrol went up between 8 and 11 percent, while the same quantity for a litre of diesel is up between 9 and 11 percent.
A litre of petrol at some major Oil Marketing Companies (OMCs), is now selling between GHc 4 and GHc 4.15.
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A litre of petrol at some major Oil Marketing Companies (OMCs), is now selling between GHc 4 and GHc 4.15.
These hikes have recently caused some agitation from consumers who say the increment is too high.
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