Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, has told Ghanaians to expect increments in petrol and diesel prices starting Thursday, December 17.
This according to him, will be the case if government fails to activate the price stabilization and recovery levy.
“If government wants to forestall any price increases against consumers, then it should kick-in the price stabilization and recovery levy, but in the absence of that, fuel prices will increase btn 3-5% by Thursday 17th December,” he said.
His assertion, which corroborates that earlier made by the Institute for Energy Security (IES), comes on the back of an anticipated increase in prices of finished petroleum products on the international markets.
Prices of petroleum products, based on data from bulk importers are expected to go up between 3% – 5% per litre this week.
The price increment of finished petroleum products on the international markets is being influenced by the positive news of the Coronavirus vaccine being made available around the globe soon.
Based on industry data and extrapolations of the price increments – assuming a 3 per cent price increment – diesel and petrol which currently sells at Ghs 4.67 per litre at the pumps, will be going for Ghs 4.81.
With the expected increment in fuel prices, some analysts are of the view that some Oil Marketing Companies (OMCs) in the country will absorb the price increment to keep prices at the pump unchanged.