Prime News Ghana

COPEC reveals fuel prices could go up again

By Mutala Yakubu
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The Chamber of Petroleum Consumers Ghana (COPEC) has revealed that fuel prices will shoot up again.

According to COPEC, the National Petroleum Authority (NPA) has written to Petroleum Service Providers notifying them of an adjustment “some elements on the already high petroleum price build-up and fuel prices”. 

READ ALSO: Fuel prices increased by 1%, COPEC calls for review of “nuisance taxes”

“Our attention has been drawn to a Memo from the National Petroleum Authority ( NPA ) dated Friday 13/12/2019, to all Petroleum Service Providers indicating a decision to further increase some elements on the already high petroleum price build-up and fuel prices.

“Per the directive which is expected to take effect tomorrow, 16/12/2019, all Oil Marketing Companies ( OMCs ) and LPG Marketing Companies ( LPG-MCs ) are to apply an upward review of a combined 4 pesewas increase to Ghanaian pump prices,” the statement said.

It added: “Per the directive, the controversial BOST margin which currently stands at 3p/litre or some cumulative 10,200,000.00 from consumers is to be increased by 100% to a new rate of 6p/ litre or some cumulative 20,400,000.00 from consumers based on current conservative estimates of some 340 million litres of fuel consumed monthly, the UPPF component also gets increased by 4.7% or 1p from the current 21p/litre to 22p/ litre or some 3,420,000.00 cumulative monthly.

“Fuel prices across pumps within the country went up by some 1% just last week following from days of sharp depreciation of the cedi and is believed could go up further in the next window starting tomorrow as the cedi continues to depreciate”.

Fuel prices went up early this month and could further move up.

Last week COPEC has asked the government to check the spate of hikes in the prices of petroleum products.

READ ALSO: We demand immediate reversal of increments in fuel prices - NDC tells gov't

A statement signed by the Executive Director of COPEC, Duncan Amoah, said the government must review some of what it described as “nuisance taxes” in the sector to stop the petroleum price increases.