Mr. Samson Addae, a senior Fellow of the Chamber of Petroleum Consumers (COPEC) has said the Ghanaian Commercial Transport operator would be justified to increase fares in the coming days looking at the sharp increases in fuel products.

The Chamber of Petroleum Consumers, (COPEC) has projected an increase in fuel prices, beginning February 16, 2024. 

According to COPEC, the price of petrol may go up by 6.63%, while that of diesel will increase by 8.18%. 

Therefore, petrol will now sell between GH¢12.02 and GH¢13.29 per litre, from the previous GH¢11.87 per litre. Diesel will now sell between GH¢13.21 and GH¢14.60 per litre from GH¢12.85 per litre.

The projected retail price of Liquified Petroleum Gas (LPG) is expected to average at GH¢13.24 per kilogramme. According to COPEC, this is within ±5% margin of error. 

The increment is as a result of the depreciation of the cedi during the period and rising price of finished petroleum products on the international market. "The imminent increases are largely due to increases in price of petrol on the international market by about 1.75% whilst diesel goes up by 6.02% with crude price increasing by 1.39% from the mean price of $81.30/barrel to $82.43/barrel. The forex or dollar exchange rate has also increased by 2.16% from a previous average of GH¢12.01603 to GH¢12.4230 per $1". 

But Speaking to SOMPA NEWS, Mr. Addae noted the government owe Ghanaians explanations as to why the increase in taxes on petroleum products can't be scrapped.

Whilst commenting on the Gold for Gold programme initiated by the Vice President Dr. Bawumia, he said the programme has failed to reap the expected benefits since the ounces of Gold needed to make the programme possible was inadequate.

Sompaonline.com/Asante -Yeboah Benedict