Fuel prices at the various pumps over the weekend was adjusted upwards following price increments in finished petroleum products on the international markets.
Oil companies such as Shell and Total, have already upped their prices with a litre of petrol going for Ghs 4.95 pesewas and Ghs 4.85 pesewas respectively.
The fuel price increment falls within the 3% – 5% increment predicted by both COPEC and the IES.
The increment in fuel prices is expected affect the cost of living of Ghanaians as fuel plays a significant role in the cost component of businesses and manufacturing firms in the country.
Prices of goods and services is anticipated to go up on the back of the increment in fuel prices as businesses will be transferring the price increments to consumers.
Transport fares as well as food stuffs sold by market women are all expected to increase following the hike in fuel prices.
COPEC and IES predict fuel price increment
Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah on December 10, 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 was corroborated by a similar assertion earlier made by the Institute for Energy Security (IES).
Prices of petroleum products, based on data from bulk importers were expected to go up between 3% – 5% per litre.
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.
