According to the Chamber of Petroleum Consumers Ghana (COPEC), prices of Petroleum products could see another increase in the next pricing window, which commences on November 16th, 2022.
COPEC indicated that, the depreciation of the Ghana cedi is a major contributory factor to the upward review of prices.
Petrol and diesel are currently selling at GH¢18 and GH¢23.49 per liter respectively at various pumps across the country, with commercial drivers and the general public lamenting the impact on the general cost of living.
Executive Secretary of COPEC, Duncan Amoah, in an interview said there is no end in sight to the uncontrollable rising prices of petroleum products.
“The Cedi seem to be back on a decline spree. What the interbank rate was quoting at GH¢13.8 is currently doing GH¢15.5, GH¢15.7. If that continues, then I don’t see how the reduction will come. Again, international market prices are also looking bullish once again due to China’s most recent announcement of reopening that economy fully.”
“What that means on-demand pressures is that you are likely going to see a demand surge. If that happens with OPEC’s threat to cut production numbers, then prices per barrel are simply looking to go beyond the $100 mark once again. As we speak, it peaked at around $99 last night. If you put that and the Cedi’s depreciation together, I am afraid the reduction that OPEC is clamoring for will simply not happen anytime soon. To the contrary, you may rather have the prices of individual product inch up a little higher simply because of these variations which are being recorded,” he said.