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This, the Chamber said, is as a result of the National Petroleum Authority’s (NPA) decision to further increase some elements on the already-high petroleum price build-up and fuel prices.
In a statement COPEC said it has taken notice of a memo from the NPA to all petroleum service providers indicating a decision to increase fuel prices.
The Chamber said the NPA’s directive is expected to take effect from today, 16th December, 2019.
READ ALSO: Reduce fuel prices else we will storm Jubilee House - Drivers warn Akufo-Addo
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“Per the directive, the controversial BOST margin, which currently stands at 3p/litre or some cumulative 10,200,000.00 from consumers, is to be increased by 100% to a new rate of 6p/litre or some cumulative 20,400,000.00 from consumers based on current conservative estimates of some 340 million litres of fuel consumed monthly, the UPPF component also gets increased by 4.7% or 1p from the current 21p/litre to 22p/ litre or some 3,420,000.00 cumulative monthly,” the statement from COPEC reads.
“Fuel prices across pumps within the country went up by some 1% just last week following from days of sharp depreciation of the cedi and is believed could go up further in the next window starting [today] as the cedi continues to depreciate.”
Meanwhile, the coalition of Drivers Association of Ghana has threatened to storm the seat of the presidency if the prices of fuel are not reduced.
In a statement copied to the media, the drivers contend that failure to adhere to their call will lead to them marching to the Jubilee House.
The association also described as “worrying” the rate at which the price of fuel is being increased.