BizTech: COPEC details factors leading to fuel price hikes, offers remedy

Some Oil Marketing Companies in the country have begun adjusting their prices with petrol now selling at GH¢9.70 and diesel GH¢10.80, respectively, at the pumps.

The phenomenon has been attributed to the cedi’s decline against major trading currencies and ongoing tensions between Russia and Ukraine.

Executive Secretary for the Chambers of Petroleum Consumers (COPEC), Duncan Amoah taking his turn on GhanaWeb TV’s BizTech highlights the factors that determine fuel prices hikes and their impact on consumers.

The petroleum expert told Mawuli Ahorlumegah that the current prices will almost increase by the end of March this year – a move which will further incur more burden on the cost of living, goods and services.

He, therefore, called on government to remove a number of petroleum taxes and levies to cushion consumers and further called for the operationalistion of the Tema Oil Refinery to address domestic oil production to curb foreign dependency.

Watch the full interview below: