The Chamber of Petroleum Consumers (COPEC) has warned that fuel prices in Ghana could increase again this week as global crude oil and refined petroleum product prices continue to rise. Executive Director Duncan Amoah said the recent increase in local pump prices reflects international market trends, noting that higher global prices for petrol, diesel and aviation fuel leave little room for lower domestic prices.
Mr Amoah said Ghana’s current fuel prices are in line with global market conditions and cautioned that further increases are likely if international prices continue to climb. His comments come as transport operators threaten a 30% fare increase in response to rising fuel costs.
Although the Tema Oil Refinery has resumed operations, COPEC said Ghana remains vulnerable to global price fluctuations because crude oil supplied to the refinery is purchased at commercial market rates and priced in US dollars. Mr Amoah urged the Ghana National Petroleum Corporation (GNPC) and the Ministry of Energy to review the country’s crude supply arrangements and explore ways of using locally produced crude to help cushion consumers against persistent fuel price increases.