The Chamber of Petroleum Consumers (COPEC) is pressing the Ghanaian government for swift intervention to tackle the ongoing rise in fuel prices, which has now reached its third consecutive increase this year.

Consumers are facing significant price hikes, with the first pricing window of February following a similar upward trend seen in January. Shell has increased its petrol price from GH₵15.59 per litre to GH₵16.23, while the price for diesel has risen from GH₵15.79 to GH₵16.20. Star Oil, on the other hand, has maintained petrol prices at GH₵14.99 but has raised its diesel price from GH₵14.99 to GH₵15.37.

These price hikes reflect the volatile global crude oil market and the depreciation of the local currency, significantly contributing to the rising costs of fuel imports.

COPEC’s Executive Secretary, Duncan Amoah, has expressed concern that the continuing upward trend in fuel prices could create a prolonged period of economic strain for both businesses and consumers. He emphasized the urgency of implementing a comprehensive strategy to stabilize fuel prices.

“Clearly, we are not out of the woods, and something has to give. A plan or a strategy needs to be in place to cushion all of us. You can’t continue to have your refinery down. You can’t continue to import everything. You can’t continue not to have a strategic reserve at this point. You can’t continue to be a price taker and expect that your people will get fuel at the price you want it. Something needs to be done,” Amoah stated in an interview with Citi Business News.

COPEC’s call for action underscores the growing concerns over the impact of rising fuel prices on the cost of living and economic stability, urging the government to take immediate steps to address the situation.