The Chamber of Petroleum Consumers (COPEC) is calling on the Ghanaian government to take urgent action to curb the relentless rise in fuel prices, which has now seen its third consecutive increase this year.
Consumers are facing steep hikes, with the first pricing window of February mirroring the upward trend observed in January.
Shell has increased petrol prices from GH₵15.59 per litre to GH₵16.23, while diesel has risen from GH₵15.79 to GH₵16.20. Star Oil has maintained its petrol price at GH₵14.99 but raised diesel from GH₵14.99 to GH₵15.37.
These increases are driven by the volatile global crude oil market and the depreciation of the local currency, which have pushed up fuel importation costs.
COPEC’s Executive Secretary, Duncan Amoah, has cautioned that the persistent rise in fuel prices could deepen economic hardships for both businesses and consumers.
Mr. Amoah stressed the need for a comprehensive plan to stabilize fuel prices.
“Clearly, we are not out of the woods, and something has to give. A strategy must be in place to cushion all of us. You can’t continue to have your refinery down. You can’t continue to import everything.
“You can’t continue not to have a strategic reserve at this point. You can’t continue to be a price taker and expect that your people will get fuel at the price you want. Something needs to be done,” he told Citi Business News.
COPEC’s urgent plea underscores growing concerns over the impact of rising fuel prices on the cost of living and economic stability, urging immediate government intervention to mitigate the situation.