The Chamber of Petroleum Consumers (COPEC) has called on the Bank of Ghana (BoG) to develop a comprehensive foreign exchange policy to tackle the persistent surge in petroleum prices in the country.

COPEC's appeal follows a recent increase in petroleum prices at fuel stations during the second pricing window, which began on August 1, 2023.

Presently, some major Oil Marketing Companies are selling diesel XP and Super XP at GH¢12.95 each, compared to the previous price of GH¢12.45.

The Executive Secretary of COPEC, Mr. Duncan Amoah, explained in an interview with the Ghana News Agency in Accra that the price hikes were attributed to rising petroleum prices in the global market.

To maintain stability in the country's pricing, he emphasized the need for the central bank to devise a clear foreign exchange policy to bolster the value of the Cedi.

With the expectation of a possible increase in oil prices during the second half of the year, COPEC urged the Bank of Ghana to be proactive in managing currency fluctuations effectively.

On Tuesday, oil prices showed little change, hovering close to a three-month high reached on Monday. This was driven by indications of a tightening global supply due to output cuts by oil producers and robust demand in the United States, the world's largest fuel consumer.

As of 0402 GMT, Brent crude futures for October were trading at $85.25 per barrel, showing a slight decline of 18 cents or 0.2 per cent from the previous close.

In June, OPEC had agreed on a broad deal to limit oil supply until 2024, with Saudi Arabia committing to an additional voluntary cut of one million barrels per day for July. On July 3, Saudi Arabia announced that this cut would also apply to August and could potentially be extended further.

Mr. Amoah also issued a warning that if the combination of increasing oil prices in the global market and currency instability persisted during the second half of the year, petroleum prices at the pumps could witness significant hikes.