COPEC Warns Of Higher Fuel Prices As Crude Oil Tops $100
COPEC Executive Secretary Duncan Amoah says pump prices could rise from September 16 as global crude oil prices surge.
- COPEC projects higher fuel prices from September 16.
- Brent crude oil has crossed $100 per barrel.
- Transport fares could come under pressure if fuel prices rise.
The Chamber of Petroleum Consumers (COPEC) has warned that fuel prices in Ghana could increase from the second pricing window of September, beginning September 16, following a surge in global crude oil prices.
COPEC Executive Secretary, Duncan Amoah, said the recent rise in Brent crude oil prices, which has crossed the $100-per-barrel mark, could push local fuel prices higher, particularly amid already elevated market and importation premiums.
According to him, the impact of the increase in crude oil prices may not be immediate because changes in global crude prices take some time to reflect in the cost of refined petroleum products.
He explained that the current developments could, however, lead to an upward adjustment in pump prices by the second pricing window of September.
“It’s one of the indicators that likely prices for the next window will be a little up or higher for the Ghanaian market,” Duncan Amoah said.
He noted that consumers could come under additional financial pressure if petroleum prices rise, considering the high market and importation premiums currently faced by petroleum marketers.
Mr Amoah also commented on the decision by transport operators to maintain existing fares despite developments in the petroleum market.
He described the decision as positive for commuters in the short term but questioned how long transport operators could sustain their services if fuel prices increase further.
“Clearly for me, that is good news that they are deciding not to increase first. Except that the question will be how long can they sustain their operations if prices of petroleum products were to go up again,” he remarked.
