The Chamber of Petroleum Consumers (COPEC) has predicted that Ghana could end 2024 with significantly higher fuel prices if tensions in the Middle East continue to escalate and the cedi further depreciates.
This warning comes after some Oil Marketing Companies (OMCs) adjusted fuel prices upward in the first pricing window of October after sustained declines in four pricing windows.
Shell, which previously sold petrol [FuelSave Super] at GH¢13.49 per litre in the second pricing window of September, is now retailing the product at GHS 13.79.
Diesel [FuelSave Diesel], which was also previously retailed at GHS 13.99 per litre is now priced at GHS 14.35.
The latest round of increases has sparked concern among consumers already grappling with the high cost of living.
Executive Secretary of COPEC, Duncan Amoah noted that the ongoing geopolitical tensions between Israel, Hamas and Hezbollah in Lebanon could have a rippling effect on Ghana, with consumers expected to dig deep into their pockets and pay more to fill their tanks.
Duncan Amoah observed that the gold for oil policy cannot mitigate against the expected price hikes.
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