Fuel prices to hit GH¢9 per litre by close of March - COPEC

Fuel prices hit GH¢8.290 pesewas per litre

Prices of oil on international market will continue to surge, Duncan Amoah

Cedi depreciation a contributing factor to fuel price increment, COPEC

The Chamber of Petroleum Consumers Ghana (COPEC) has projected another increment in fuel prices before the end of March this year.

According to Executive Secretary of the Chamber, Duncan Amoah, the free fall of the local currency - Cedi - is a contributing factor to the increase in petroleum products of the market.

He further indicated that crude oil and other petroleum products on the international market will continue to surge because of Russia's invasion of Ukraine in the past few weeks.

Currently, fuel prices are selling at GH¢8.290 pesewas per litre at some pumps across the country.

Petrol and diesel were previously sold at GH¢7.99.

In an interview with Citi business on the recent increment in fuel prices, Duncan Amoah said, “What the situation in Ukraine will mean is that international market prices will continue to surge. Again, we also have a situation where the Cedi is not doing so well. I foresee the Ghanaian fuel prices crossing GH¢9 per litre before the end of the month.”

There is a 7.42% increase in brent crude, 9.46% and 8.52% increase in gasoil and gasoline respectively.