As global crude oil prices continue to increase the Chamber of Petroleum Consumers, COPEC, is hinting of an up to 16 pesewas hike in fuel prices at the pumps in the coming days.

In an interview with Citi Business News, Executive Secretary of COPEC, Duncan Amoah called on authorities to put measures in place to address the pending fuel price increase.“If the dynamics continue to persist it could cross the 60 dollar region in no time and that is where we expect policymakers to start thinking about its impact on the Ghanaian consumer. Because as a price taker, anytime international market prices go up Ghanaians are affected and soon these spikes you’re seeing on the international market will reflect at the Ghanaian pumps not because the government has increased taxes but simply because we are price takers who will take anything that the global pricing system throws at us. We have already recorded increments over the last few weeks. What we also pick from the oil marketing companies is that we are going to be seeing anything between 10 and 16 pesewas increases for both petrol and diesel. Those increases should have taken effect last week, but we are still waiting to see when that will finally come through. But if you look at computations most of them have done, you’re not looking at anything less than 10 to 16 pesewas add-on on current market averages.”

Crude oil is currently selling at about 60 dollars a barrel a sharp increase from about 48 dollars in December 2020.

The increase has been attributed to a number of factors including the news of a COVID-19 vaccine.

This is encouraging a revamping of economic activities in some parts of the globe.

Locally oil prices have seen a number of increases and currently selling for about GHS5.1 per litre at various pumps.