The current pump averages of 4.670 and 4.660 for Gas Oil and Gasoline, respectively, given the current price movements, the two products could rise to as high as GHS 4.80/litre and GHS 4.78/litre for Gasoline and Gasoil respectively.
The first pricing window begins on June 1, 2018.
In a statement issued by the Executive Secretary of COPEC-GH, Duncan Amoah, he said “Pump prices for both products could be expected to rise by between 2 and 3 per cent depending on the Oil Marketing Company (OMC); the current pump averages of 4.670 and 4.660 for Gas Oil and Gasoline, respectively, given the current price movements, the two products could rise to as high as GHS 4.80/litre or GHS 21.60/ gallon, and GHS 4.78/litre or GHS 21.51/gallon for Gasoline and Gasoil, respectively representing 2.783 per cent and 2.55 per cent increases on both products respectively.”
The statement, therefore, called on the government to put in measures that will protect the public from paying for the increase.
“We use this opportunity to encourage the government to step up efforts at curbing the illegal fuel trade which is costing the state several hundreds of millions in revenue yearly in order to further reduce the overburdening taxes on fuel at the pumps currently.”
“While Ghana might have missed the opportunity to hedge petroleum pricing while world prices were generally low, we still believe that option should be heavily exploited to ensure fuel prices are stabilised for the ordinary consumer whose budget on fuel keeps increasing by the weeks,” the statement added.