Wednesday, July 24, 2024
HomeNewsFuel prices to go up by 5.5% from August 16 – COPEC

Fuel prices to go up by 5.5% from August 16 – COPEC

Prices of petroleum products are expected to see a rise beginning today, August 16 as part of the adjustments for the 2nd pricing window of August. This was revealed by the Executive Secretary for Chamber of Petroleum Consumers-Ghana (COPEC), Duncan Amoah.

According to him, despite a reduction in price of crude oil on the international market, the depreciation of the cedi continues to impact fuel prices at the pumps. The two pricing windows every month afford Oil Marketing Companies the opportunity to adjust prices of the products.

Speaking to Citi News, Duncan Amoah said consumers should be ready to pay 5.5% more for fuel.

“The first window in August saw some marginal reductions, the second window, unfortunately, will see an increase of some 5.5%, instead of sustained reduction. This is mostly due to the cedi’s fast depreciation and the unavailability of the dollar for importers to pay off their suppliers.”



Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular