Prices of fuel in Ghana have this week gone up marginally, vindicating the prediction made by the Chamber of Petroleum Consumers (COPEC) on Tuesday, January 14, 2020.
Petrol as of Friday, January 17 was selling at GH 5.50 per litre at various pumps, up GHC 9 pesewas from its previous price of GHC 5.41.
The marginal increase has been attributed to the upsurge in the price of the product on the international market.
The Executive Secretary of COPEC, Duncan Amoah in a phone interview with GhanaWeb on January 14, 2020, indicated that “fuel prices may have to go up again because as we speak, oil companies have already taken the shield of some 6, 7 pesewas every litre they are selling. They are making loses to that amount and then the international market prices are also pushing upwards”.
Reacting to what he thinks the government of Ghana can do to insulate the country from the volatile and price fluctuations on the international market, Mr Amoah suggested that government partners with both local and international oil-producing companies in Ghana to retain at least 25 percent to feed the local refineries whenever the country is hit with oil shortage.
He advised that local refineries be equipped and empowered to process enough crude in order for the country to save money instead of transporting local crude to foreign countries, specifically the United Kingdom, for the unprocessed product to be refined and then, go back to purchase it at a high rate.