The Chamber of Petroleum Consumers (COPEC) wants government to expedite measures in tackling the resurgence of fuel price hikes.
Oil Marketing Marketing Companies are making an upward adjustment in prices of fuel, representing a third consecutive rise early on this year.
While diesel currently sells for GH₵16.20 per litre, up from GH₵15.79, Shell has raised the price of fuel from GH₵15.59 per litre in late January to GH₵16.23.
However, Star Oil increased the price of diesel from GH₵14.99 to GH₵15.37 per liter while keeping petrol at GH₵14.99 per litre.
Coupled with the low performance of the Cedi, a hike in fuel prices is set to take a toll on consumers. Already, citizens have been lamenting the rapid increase in fuel prices over the years, with various entities threatening to embark on protests.
According to COPEC’s Executive Secretary, Duncan Amoah, another trend of an upward surge in fuel prices would plunge various businesses and the economy at large into strenuous circumstances.
Mr. Amoah is therefore calling on the government to accelerate efforts to address the issue, saying the country is not out of the woods.
“Clearly, we are not out of the woods and something has to give. A plan or a strategy needs to be in place to cushion all of us. You can’t continue to have your refinery. 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 the fuel price you want. Something needs to be done,” says Duncan Amoah.
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