The Chamber of Petroleum Consumers (COPEC) has indicated that fuel prices are likely to go up by 8 pesewas from today, May 17, 2021.

Executive Secretary of COPEC, Duncan Amoah, stated that this was due to a hike in prices of the product on the global market.

“Geopolitical events over the past few days have led to increases in International Market Prices from $630.525/mt to around $655.625/mt for premium or petrol as of Friday while prices of AGO or diesel has moved from $520/Mt to $545/Mt.”

“LPG has also seen a little over $1.6377 increase within the period though the country’s currency has been relatively stable within the period.”

Duncan Amoah indicated that based on the development, fuel prices will sell for GHS6.13 at the pump.

“International market prices have seen some changes or increases over the past few days. What you have now is a difference of 25 dollars to 26 dollars for both diesel and petrol. That cumulatively will give you about 8 pesewas at the pumps for both petrol and diesel.”

“Barring any last-minute changes, these increases are likely to reflect at the Ghanaian pumps from Monday 17th May,” He added.

This would be the second time fuel prices are increasing this month.

As part of the government’s efforts towards reviving the economy amidst the impact of the Covid-19 pandemic, some new taxes were introduced in the 2021 budget statement.

Some of these taxes led to an increment in fuel prices from the 1st of May.

Petrol and Diesel currently sell at GHS6.5 an increase from an earlier GHS5.45.

This increase was met with public uproar but as consumers begin to adjust to this hike, it appears they will have to brace themselves up for more.