June 24, 2022

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Gasoline value will increase will derail economic system, Gov’t will have to act – COPEC

2 min read

The Chamber of Petroleum Customers Ghana (COPEC), needs the Finance Ministry to wreck its silence at the emerging price of gas costs.

With gas costs anticipated to hit a minimum of GH¢10 according to litre, COPEC’s Government Director, Ducan Amoah, stated Ghana’s economic system is at risk of being wrecked.

“Everyone is complaining, however the finance guys who maintain those numbers have long past mute,” he stated on Eyewitness Information.

“Let the Finance Ministry forestall drowsing and talk to those problems as a result of obviously, those will increase and those we predict on Wednesday goes to do just one factor. It’ll derail all the economic system utterly.”

After COPEC had warned that diesel may just move GH¢10 according to litre with petrol emerging to GH¢9 according to litre from March 16, the Nationwide Petroleum Authority showed that will increase of this nature are anticipated.

Additionally, on Eyewitness Information, Abbas Ibrahim, the pinnacle of Pricing on the NPA, stated “indisputably the associated fee that we predict on the pump as has been projected could be very prone to transcend the GH¢9 mark.”

He howver expects some variation in line with the plans of the quite a lot of oil advertising and marketing corporations.

“GH¢9 is the very life like value we may well be paying within the subsequent window, nevertheless it may well be upper than that or not up to that relying at the corporate’s technique.”

COPEC attributed the predicted build up to the emerging price of crude at the global marketplace and the cedi which is recently depreciating amongst primary buying and selling currencies.

In a remark on Monday, it stated the Loose On Board costs of petrol larger through 19.28% from $917.48/MT to 1094.33/MT, diesel through 34.57% from $845.50/MT to $1137.78/MT and LPG through 17.42% from $845.93/MT to $993.25/MT between the primary pricing window (1st-Fifteenth March 2022) and the second one window (sixteenth -Thirty first March 2022).