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Fuel Price Hikes: Brace for Continued Increases, Warns COPEC

Ghanaians Warned of Prolonged Fuel Price Hikes: COPEC Calls for Stability Measures

The secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has warned Ghanaians to expect an upward trend in fuel prices to persist for the next two to three months.

Oil Marketing Companies have implemented price hikes ranging from 3% to 8%, citing a combination of factors including the surge in global crude prices, depreciation of the cedi against the dollar, and adjustments in levies and margins by the National Petroleum Authority (NPA).

However, according to Amoah, projections suggest that international market prices are unlikely to cool off soon, indicating a prolonged period of elevated fuel costs. This prediction raises alarms for consumers, particularly drivers and those reliant on public transportation, who will bear the brunt of increased fares and transportation costs.

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The instability in fuel prices not only impacts consumers’ daily expenditures but also poses challenges for businesses, especially those in the transportation sector. With fuel prices fluctuating unpredictably, businesses face difficulties in budgeting and may be forced to pass on the increased costs to consumers through higher transportation fares.

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Moreover, Amoah’s call for intervention from the Bank of Ghana underscores the critical role of currency stability in mitigating the impact of global market fluctuations on domestic fuel prices. He noted that a stable cedi would provide some cushion against external price shocks, alleviating the burden on consumers and businesses alike.

He again stated that concerns about the reasons behind certain levy adjustments, such as the rise in the BOST margin, is confusing. Although some levy changes may be seen as reasonable, the added costs for consumers prompt inquiries about the reasoning behind these choices, he added.

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Speaking further on the impact of the hikes, he said the anticipated rising of fuel prices over the coming months would exert pressure on consumers and businesses alike. As drivers and public transportation users grapple with increased fares, the need for proactive measures to stabilize fuel prices and mitigate the impact on the economy becomes increasingly urgent.

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