Expect about 20 pesewas increase in fuel prices soon – COPEC

The Chamber of Petroleum Consumers Ghana (COPEC) is projecting fuel prices may go up by about 20pesewas in the coming days.

This development is based on a number of factors that have impacted global fuel pricing.

Fuel prices currently sell at about GHS 6.6 at the pumps.

But there is an expected change in the coming days according to the chamber of petroleum consumers Ghana (COPEC).

COPEC has predicted that fuel prices could go back up to about GHS6.8 and the Omicron variant is partly to blame.

Economies are beginning to open again after an earlier scare due to the discovery of the variant.

This had earlier led to a fall in the price of crude oil on the international market causing the commodity to sell for less than 70 dollars per barrel.

However, the price currently stands at about 76 dollars a barrel as it has become apparent that the omicron variant isn’t as vicious as its predecessors.

“On the National Petroleum Authority’s (NPA) website we have realized that from the benchmark prices NPA is using to project the prices for the first window of January, local ex pump prices will increase by 3 per cent. In nominal terms, we are expecting prices to surge by 20 pesewas per litre across the board.” head of research at COPEC, Benjamin Nsiah stated.

“However, some OMCs may not utilize all their margins and if they don’t we are expecting maybe a 15 pesewas increase at the pump beginning 1-16th January 2022.” He added.

For the latter part of the month, prices may record a dip and according to Mr Nsiah, these could be the reasons.“…in the second window of January 2022 prices may drop if the Omicron variant is spreading and countries begin to restrict mobility and also OPEC and OPEC alliance increase their supply unto the market, it may drop the prices on the local front.”

 

Source: Ghana Business