News

COPEC Laments Over Fuel Price Hikes

539Views

ACCRA// – The Chamber of Petroleum Consumers (COPEC) Ghana has raised concerns over the recent increase in fuel prices.

Fuel prices went up by almost 1 per cent on Friday December 6, 2019.

Duncan Amoah, Executive Secretary of the Chamber, in a press release Sunday said a “recent fast depreciation of the cedi against the dollar from GH¢5.53 to around GH¢5.710 forward rates is largely responsible for this increase in prices…”

He, however, admits that “there have been some “marginal increases in FOB prices as freight premiums have shot up a bit due to the IMO Cap 2020 programme”.

COPEC is, therefore, urging the Monetary Policy Committee to work very hard to control the fast-depreciating cedi in order to avoid any needless fuel price increases at a time when most petroleum consumers are already complaining of very harsh fuel prices across pumps within the country”.

Leave a Reply