The Chamber of Petroleum Consumers (COPEC) has warned that fuel prices in Ghana could increase further this week as international crude oil and refined petroleum product prices continue to climb.
Executive Director of COPEC, Duncan Amoah, says the recent upward adjustment in local pump prices is consistent with developments on the global market and should not come as a surprise.
Speaking on Joy FM’s Midday News on Monday, June 27, Mr Amoah said current fuel prices are supported by international market data, noting that petroleum prices have risen across major trading markets.
“You cannot get it any cheaper at this time anywhere. Even in the United States, fuel prices that had declined have gone back up. What you’re seeing here is a stark reflection of the kind of prices you are seeing globally,” he said.
“The prices are fair based on the numbers we have in-house. These are not prices coming from people’s imaginations. Platts prices, where petrol, diesel and ATK are traded globally, have really gone up, and I will not be surprised if that goes up again in the course of this week,” he stated.
His comments come amid growing concerns over rising fuel costs, with petrol selling at GH₵14.5 per litre and diesel nearing GH₵18. Transport operators are already threatening a 30% fare increase unless the government intervenes to address escalating fuel prices.
Despite the resumption of crude oil refining at the Tema Oil Refinery (TOR), Mr Amoah said Ghana remains exposed to international price movements because the crude supplied to the refinery is purchased on commercial terms.
According to him, engagements with TOR suggest that the refinery pays prevailing international market prices for crude rather than benefiting from any special pricing arrangement.
“We wanted to understand whether government was supplying crude under a strategy such as Brent-minus or WTI-minus pricing. But it appears the crude supplied to TOR was strictly commercial, meaning the refinery has to pay whatever price has been locked in on the international market,” he explained.
Mr Amoah added that the crude is also dollar-indexed, meaning fluctuations in global oil prices and exchange rates continue to influence domestic fuel prices.
He urged the Ghana National Petroleum Corporation (GNPC) and the Ministry of Energy to review the current supply arrangement to determine whether Ghana’s locally produced crude can be used more strategically to cushion consumers from persistent increases in fuel prices.
