COPEC projects fuel price increase from September 16 as Crude Oil crosses $100
The Chamber of Petroleum Consumers (COPEC) is projecting an increase in fuel prices at the pumps from the second pricing window of September.
According to COPEC, the expected upward adjustment, which begins on September 16, follows a surge in global crude oil prices, with Brent crude crossing the $100 per barrel mark.
Executive Secretary of COPEC, Duncan Amoah, said the rise in crude prices, coupled with elevated market and importation premiums, is likely to feed into local petroleum prices.“It’s one of the indicators that likely prices for the next window will be a little up or higher for the Ghanaian market,” Mr. Amoah said in an interview with Citi Business News.
He explained that while crude oil price movements typically take some days to reflect in the prices of finished products, the current development will likely increase by the middle of the month.
“On this occasion, what is likely going to happen is that it will not take effect now, but most likely you could have some adjustment in prices by the 16th, which is the second window in September,” he stated.
Mr. Amoah warned that the development could place additional pressure on consumers as petroleum marketers are already contending with high premiums.
“What this means is that you are probably most likely going to pay a little more for petrol in Ghana, not forgetting the fact that market premiums and then, of course, importation premiums are high,” he added.
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