COPEC calls for GH¢1 petrol, continuation of GH¢2 diesel subsidy amid price surge

The Chamber of Petroleum Consumers (COPEC) has urged the Ghanaian government to extend its fuel subsidy measures into the upcoming September pricing window to alleviate the burden on consumers facing anticipated price hikes. In a statement, COPEC's Executive Secretary, Duncan Amoah, advocated for a GH¢1 per litre subsidy on petrol and the maintenance of the existing GH¢2 per litre diesel subsidy until global oil prices stabilize.

The organization predicts that petrol prices will climb to an average of GH¢16.26 per litre and diesel to GH¢19.07 per litre starting September 16, driven by sharp increases in international crude oil and refined product costs. Crude oil prices have surged from $89.30 to $103.07 per barrel, while petrol (Free-On-Board) has risen by 10.08% and diesel by 12.33%.

The Chamber also called on oil marketing companies to reduce their profit margins to avoid exacerbating consumer financial strain. Additionally, COPEC urged the government to accelerate expansion projects at the Tema Oil Refinery to boost refining capacity from its current 45,000 barrels per day to 100,000 barrels per day, aiming to lessen Ghana's dependence on imported refined petroleum products.