Fuel prices will continue to surge – COPEC

Duncan Amoah, Executive Director of the Chamber of Petroleum Consumers (COPEC), has cautioned that fuel prices in Ghana will continue to increase due to persistent global demand and cost pressures. Despite existing measures to protect consumers from the impact of rising diesel prices, Amoah stated that Ghana has not yet emerged from the current fuel price pressures.

He predicts that fuel prices could remain high even if geopolitical tensions ease, as demand for diesel is expected to rise during the winter season. Amoah also mentioned that fuel prices may remain elevated due to increased premiums and high logistics costs. While geopolitical developments have contributed to the recent price hikes, seasonal demand and higher premiums and logistics costs could further push prices upward.

COPEC's leader emphasized the need for increased reliance on domestic refining, as it could alleviate some of the costs associated with importing refined petroleum products. By refining domestically, he explained, Ghana could eliminate some of the additional expenses incurred when refined petroleum products are imported at higher premiums.