THE Chamber of Petroleum Consumers – Ghana (COPEC) has indicated that fuel prices in the country have increased by 4%  at the pumps with immediate effect.

This was contained in a statement issued by the Chamber of Petroleum Consumers – Ghana.

This is contrary to the assurance by the National Petroleum Authority (NPA) that prices of LPG and petrol will remain stable.

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According to the NPA, this move was due to drop in crude oil prices and stable exchange rate.

"This is in line with a drop in crude and petroleum prices on the world market, as well as stability in the exchange rate,” the statement explained.

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However, COPEC indicated that “fuel prices that used to trade at GH¢4.490/litre for both petrol and diesel have seen an increase to 4.670 a difference of about 18p or some 4.008% increases, price per gallon per the new increases is now GH¢21.015 from the previous GH¢20.20 for both products.”

Read the full statement below:

CHAMBER OF PETROLEUM CONSUMERS-GHANA

4% FUEL PRICE INCREASES PRICES CURRENTLY GOING UP AT THE PUMPS.

Contrary to an earlier notice on January 1, 2018, by the National Petroleum Authority, indicating some interventions to keep fuel prices stable at the pumps through the month of January, we can confirm that fuel prices across some pumps have been adjusted by as much as 4%, today the 4th day of January.

Fuel prices that used to trade at GH¢4.490/litre for both petrol and diesel have seen an increase to 4.670 a difference of about 18p or some 4.008% increases, price per gallon per the new increases is now GH¢1.015from the previous GH¢20.20 for both products.

Our roving team continue to keep an eye on the development as well as increases across the other pumps.

These increases coming on the back of an earlier threat by the GPRTU on its intended transport fare increases will certainly put a lot of pressure on the consuming and commuting public.

We reiterate our calls on the government to take a second look at the current price build up as we believe these increases will continue for a very long time if nothing is done about the pricing template and the numerous taxes.

Signed

Duncan Amoah

Executive Secretary

Copec Ghana