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Fuel prices up by 2%; COPEC calls for dialogue on pricing

Fuel prices across most Major Oil Marketing Companies within the country has seen a marginal increase of about 2% from previous market averages of 4.850/litre for both petrol and diesel to now 4.950/litre for both products.

What this means is that a gallon of petrol that until yesterday sold for Ghc 21.825 has now shot up to Ghc 22.275 or a variance of above 2.%.

According to COPEC, most of the major importers attribute the latest hikes to the bad performance of the local currency- the Cedi.

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"Ghanaian fuel pricing formulae once again come into question as there seems no end in sight to these rampant and sustained increases," COPEC said in a statement signed by its Executive Secretary, Duncan Amoah.

"...We use this opportunity to call for an immediate National dialogue on these persistent but worrying increases with a stern focus on the current fuel pricing build up to discuss and review possible adjustments to find a lasting solution to this worrying trend as any further increases will be fiercely resisted," the statement said.

"It is our belief further, that the current price deregulation programme though has its positives will also need to be reviewed to arrest the current frequent price escalations."

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