Inflation in Ghana Fuel prices to go up 3%

COPEC puts the increment down to the  appreciation in the price of crude oil on the international market, from $48 a barrel during the last pricing window to $50 a barrel today.

  • Published: , Refreshed:
Fuel Filling Station play

Fuel Filling Station

24/7 Live - Subscribe to the Pulse Newsletter!

Prices of petroleum products are set to go up by 3 percent on June 2, as the two week pricing window opens, this is according to the Chamber of Petroleum Consumers- COPEC.

COPEC puts the increment down to the  appreciation in the price of crude oil on the international market, from $48 a barrel during the last pricing window to $50 a barrel today.

Though there is the tendency of smaller Oil Marketing Companies to increase their products above 3%, Executive Secretary of COPEC, Duncan Amoah believes that prices will averagely not increase beyond 3% by their calculations.

 “World market indexes have inched up a little more, the cedi hasn’t performed as it would have within the past few weeks. It is likely that prices will go up by Wednesday…we do not expect it to go beyond three percent. The Ghanaian wouldn’t expect too much of an increase and even if there is an increase, we would wish that prices would have stayed at current levels but the smaller OMCs would complain of system losses,” Duncan Amoah stated.

READ MORE: Fuel prices see 5% increase

Since the implementation of the full petroleum downstream deregulation policy, Oil Marketing Companies operating in Ghana have been given the liberty to price their products in a two-week window. Instead of  the National Petroleum Authority dictating the price, the OMCs are supposed to price their products according to changes in oil prices on the international market, exchange rate differentials, as well as demand and supply.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Software Scandal EOCO indicts SSNIT managers over $72m software scandalbullet
2 Collapsed Banks Assets of UT Bank and Capital Bank for salebullet
3 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
4 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
5 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
6 David Ampofo Writes Is Ghana's cashew another cocoa?bullet
7 NPP Government Nana Addo nominates Dr Agnes Adu as MD of GTFCbullet
8 In Accra Susu collectors give gov’t 1 week ultimatum to...bullet
9 In Singapore Government to pay bonus to all citizens...bullet
10 Retirement How to calculate your SSNIT pensionbullet

Top Videos

1 New Discovery Ghana discovers new mineral, lithium in commercial quantitiesbullet
2 Money Alert Meet Africa's richest womanbullet
3 Forbes 2018 Africa's billionaires rich listbullet
4 Support Finance minister buys Kantanka carbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 Tech 6 reasons you should buy an iPhone SE instead of any...bullet
9 MTN Mobile Money Adbullet
10 Video We are determined to move Ghana beyond aid - Bawumiabullet