Fuel prices will continue to surge – COPEC

The Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has cautioned that fuel prices in Ghana will continue to surge due to global demand and other cost pressures. Despite efforts by the government to alleviate the impact of rising diesel prices on consumers, Amoah stated that Ghana has not yet reached the end of the fuel price pressures situation.

Speaking on JoyNews' The Pulse program on Wednesday, he pointed out that the current fuel price crisis could worsen during the winter season, as diesel demand is expected to increase. Furthermore, Amoah warned that even if geopolitical tensions ease, fuel prices could remain elevated. He highlighted that prices will continue to rise not only due to geopolitical developments but also because of seasonal demand, higher premiums, and logistics costs, which continue to be significant.

Amoah emphasized the need for increased reliance on local refining to help reduce some of the costs associated with importing refined petroleum products. He suggested that domestic refineries could eliminate some of the additional expenses incurred when refined petroleum products are imported at higher premiums.