COPEC predicts fuel price kike in September

COPEC Executive Secretary Duncan Amoah said the rise in Brent crude, which has crossed $100 per barrel, coupled with high market and importation premiums, could put upward pressure on the prices of petrol and other petroleum products.

Speaking in an interview with Citi Business News, Mr Amoah said the impact of the increase in crude oil prices may not be felt immediately because changes in global crude prices take some time to pass through the refining and importation chain.

He, however, expects the development to influence prices when the second pricing window for September begins on September 16.
“It’s one of the indicators that likely prices for the next window will be a little up or higher for the Ghanaian market,” he said.

Mr Amoah noted that motorists could therefore pay more for petrol if the current conditions persist, particularly as petroleum marketers are already dealing with elevated market and importation premiums.

The potential increase also comes at a time when transport operators have opted to maintain existing fares despite developments in the petroleum market.

Mr Amoah welcomed the decision, saying it
would provide some relief for commuters in the short term.

He, however, questioned whether transport operators could sustain existing fares if fuel prices continue to rise.
“Clearly for me, that is good news that they are deciding not to increase first. Except that the question will be how long can they sustain their operations if prices of petroleum products were to go up again,” he said.