The Coalition for Domestic Oil and Gas Consumers (COPEC) in Ghana has announced that fuel prices in the country will see a slight increase starting from Monday. This decision was made after a review of the National Petroleum Authority’s (NPA) price stabilization and recovery levy.
According to Copec, the increase in fuel prices is a result of the recent surge in crude oil prices on the international market. They stated that the NPA’s price stabilization and recovery levy, which was implemented to mitigate fluctuations in crude oil prices, is no longer effective in protecting consumers from the rising costs.
COPEC stated that the increase in fuel prices will range from 1% to 3%, depending on the type of fuel. They advised consumers to prepare for the marginal increase and adjust their budgets accordingly.
The announcement has sparked concerns among Ghanaians, as they are already grappling with the economic impact of the COVID-19 pandemic. Many fear that the increase in fuel prices will further burden their already strained finances.
In response to these concerns, COPEC called on the government to implement measures to mitigate the impact of the price hike on consumers. They suggested that the government should consider reducing taxes on petroleum products or introducing subsidies to alleviate the burden on Ghanaians.
In conclusion, fuel prices in Ghana are set to increase marginally from Monday, according to COPEC. The organization has called on the government to implement measures to lessen the impact on consumers.
The Coalition for Domestic Oil and Gas Consumers (COPEC) has announced that fuel prices in Ghana will experience a slight increase starting from Monday.