The Chamber of Petroleum Consumers Ghana (COPEC) has predicted that fuel prices could reach GHS18 per litre by the end of the year if steps are not taken to curb the rampant increase in the prices of fuel at the country’s filling stations,

‘We are now hitting GHS15 per litre for fuel,’ Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), told Citi Business News in Accra yesterday.

“The cedi has undoubtedly not reached a point of stability, and if it keeps falling, a further increase is expected to occur in the first week of November. Between now and December, Ghanaians may have to spend between GHS17 and GHS18 a litre for fuel,” he said.

He said “I do not want us to get there and I think that authorities and those within the policy space will need to wake up from their sleep.”

At some locations around the nation, the price of fuel has recently increased to approximately GHS16 per litre.

For instance, the cost of diesel is currently GHS15.99 at a top oil marketing company, Total Energies, while the cost of gasoline is GHS13.10.

This represents a significant increase over the GHS11.06 per litre for gasoline and GHS13.95 for diesel earlier in the month.