Fuel Prices to break 8,Transport operators announce 30% increase in fares

Private Transport operators announce a 30% increase in fares as fuel prices at the pumps.

The price of fuel has gone up again, moving from around GHS7.40 per litre to as high as 7.99 at some feeling stations. It is estimated that the fuel price will break the GHS8.00 per litter in a few weeks to come.

Total is selling a liter of fuel at 7.99. Its upward price adjustment has gone viral since pictures of the new pump prices flooded social media yesterday in the evening.

The Chamber of Petroleum Consumers Ghana (COPEC) has hinted that prices of fuel may go up by 30 pesewas.

Transport operators and drivers in the country currently buy fuel at an average of Ghc6.4 per litre.

In a statement, the Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah urged consumers to brace themselves for the possible increment.

For petrol, he disclosed that “at the current FOB Price of $823.25, our projected Ex-pump price is GHS7.443 and the max recorded Ex-pump price by Total is GHS7.450/

“From 16th February 2022, at FOB price of $880.79, our projected Ex-pump price is GHS7.764, so it’s expected that the max Ex-pump price shall be hovering around GHS7.750.”

On diesel, the Executive Secretary indicated that “at the current FOB Price of $764.61, our projected Ex-pump price is GHS7.585 and the max recorded Ex-pump price by Total is GHS7.500.

“From 16th February 2022, at FOB price of $828.58, our projected Ex-pump price is GHS7.981, so it’s expected that the max Ex-pump price shall be hovering around GHS7.950.”

With permutation by COPEC consumers are expected to pay an additional 30pesewas for fuel in the country.

The National Petroleum Authority (NPA) recently announced the restoration of the price stabilization and recovery levies (PSRL) on petrol, diesel, and LPG effective 1st February 2022.

READ: 10 Historic Times Ghana Made World Headlines in 2021

“We hereby, wish to inform all Oil Marketing Companies (OMC) and LPG Marketing Companies (LPGMC) that effective 1st February 2022, the PSRL on petrol, diesel, and LPG have been fully restored,” the Chief Executive Office for NPA, Mustapha Hamid disclosed.

With the increase in fuel prices occurring nearly every two weeks, fuel prices will go beyond the GHS8.00 mark soon. However, the possible 30% increase in transport fares will have a great impact on all economic activities and lead to a general increase in the prices of goods and services.

Source: Ghana/Starrfm.com.gh/103.5FM/Ghanaeducation.org