Fuel prices will continue to surge – COPEC

Duncan Amoah, the Executive Director of the Chamber of Petroleum Consumers (COPEC), has issued a stern warning that fuel prices in Ghana will continue to rise. Despite the government's attempts to alleviate the burden on consumers, Mr Amoah maintains that the situation will not improve anytime soon. Speaking on JoyNews’ The Pulse on September 16, he emphasized that the current fuel price pressures are likely to persist, even if geopolitical tensions ease.

Mr Amoah highlighted the increasing demand for diesel during the winter season as one of the factors that could exacerbate the fuel price crisis. He also pointed out that the elevated logistics costs, which have been persistently high, will continue to push prices higher. The COPEC leader noted that while geopolitical developments have played a role in the recent price hikes, seasonal demand and increased premiums are expected to further contribute to the upward trend.

In his call for action, Mr Amoah advocated for a greater reliance on local refining. He argued that by increasing domestic refining capabilities, Ghana could help alleviate some of the costs associated with importing refined petroleum products at higher premiums. By refining petroleum products within its borders, the country could potentially reduce the financial burden on consumers and stabilize fuel prices in the long run.