The Chamber of Petroleum Consumers (COPEC) is urging the Ghanaian government to act swiftly to halt the continuous surge in fuel prices, which has now risen for the third time this year.

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Consumers are experiencing significant price hikes, with the first pricing window of February reflecting the same upward trajectory seen in January.

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Shell has adjusted its petrol price from GH₵15.59 per litre to GH₵16.23, while diesel has climbed from GH₵15.79 to GH₵16.20. Star Oil, however, has kept its petrol price at GH₵14.99 but increased diesel from GH₵14.99 to GH₵15.37.

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These price surges are primarily attributed to fluctuations in the global crude oil market and the depreciation of the local currency, both of which have escalated the cost of fuel imports.

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COPEC’s Executive Secretary, Duncan Amoah, has warned that the continuous rise in fuel costs could worsen economic difficulties for businesses and consumers alike.

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Mr. Amoah emphasized the importance of implementing a structured approach to bring stability to fuel prices.

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“Clearly, we are not out of the woods, and something has to give. A strategy must be in place to cushion all of us. You can’t continue to have your refinery down. You can’t continue to import everything.

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“You can’t continue not to have a strategic reserve at this point. You can’t continue to be a price taker and expect that your people will get fuel at the price you want. Something needs to be done,” he told Citi Business News.

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COPEC’s strong appeal highlights growing fears over the impact of rising fuel costs on both economic stability and the general cost of living, calling for immediate government measures to address the issue.

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