The latest development is no surprise as both The Chamber of Petroleum Consumers’ (COPEC) and Institute for Energy Security (IES) all predicted fuel will sell at over GHS 8 per litre in the first week of the month of March.
One Oil Marketing Company which is selling fuel at GHS 8 plus per litre is Total Energy. But Executive Secretary of COPEC, Duncan Amoah in an interview with Citi FM said he had expected the increase to be much higher.
“What Total is currently quoting, GHS8.29 is on the downside. The market figures could have been somewhere around GHS8.70 at this time,” he said on Eyewitness News on Citi FM in Accra.
He suggested further that the Oil Marketing Companies may be taking a hit on the recent increase in fuel prices.
It is quite certain the Oil marketing Companies and the BDCs are themselves taking a shave in the sense that the Cedi is doing so badly at this point,” Mr. Amoah noted.
COPEC had warned that if nothing is done by the Ghana government, regarding the rising fuel prices on the global market as Russia invades Ukraine, fuel prices could cross the GHs8 mark at the pumps in the first pricing window of March.
A barrel of Brent Crude Oil which was going for about $66 a year ago, and $78 at the start of 2022, jumped 7.3% to $103.9 a barrel in February.
This comes after Russian President Vladimir Putin ordered the invasion of Ukraine.
Below are some more comments from Ghanaians in the current price of fuel.