Fuel prices are set to rise at pumps, the Chamber of Petroleum Consumers (COPEC) has announced, citing higher global crude prices and a weakening Ghana cedi.
In a statement signed by Executive Secretary Duncan Amoah, COPEC projected that petrol prices will increase by about 3.38%, from an average of GH¢12.18 to GH¢12.59 per litre. Diesel is expected to see a sharper rise of 9.81%, from GH¢12.49 to GH¢13.71 per litre.
LPG prices are also set to climb, with a projected 1.97% increase to GH¢11.87 per kilogram.
COPEC explained that the expected adjustments reflect international market trends and currency pressures affecting import costs.
Actual prices may vary slightly between pumps, but are expected to fall within a five per cent margin of the projected figures.
Amoah appealed to Oil Marketing Companies (OMCs) to ease the impact on consumers. “We urge OMCs to absorb part of the increases to prevent steep hikes from affecting the public,” he said.
Key components include:
CIF Price: International fuel price plus shipping and insurance
Exchange Rate: Conversion of the CIF price to Ghana cedis
Supplier Premium: Covers import costs and margins for Bulk Import, Distribution, and Export Companies (BIDECs)
Taxes and Levies: Includes the Energy Debt Recovery Levy, Road Fund Levy, and other government charges
COPEC Ghana is a consumer advocacy organisation that monitors fuel pricing, provides sector analysis, and engages with regulatory bodies such as the National Petroleum Authority (NPA) to protect consumer interests.
The Chamber also regularly issues forecasts, policy recommendations, and alerts on petroleum market developments.
Fuel prices are reviewed twice a month based on world market averages and the exchange rate. Most petroleum products are deregulated, giving OMCs flexibility in pricing, while select fuels like Premix and Residual Fuel Oil remain regulated due to their importance to the fishing and manufacturing sectors.
