The Chamber of Petroleum Consumers Ghana (CPCG), has warned Ghanaians that prices of petroleum products may shoot through the roofs in the next 10 days following an increase in the price of the commodity on international markets.
The new prices will take effect on or before Tuesday, May 18, the CPCG predicts.
This will come as a blow to Ghanaians who had been forced to contend with significant increases in fuel prices after the Akufo Addo administration had slapped some “nuisance taxes” on the price build-up of petroleum products.
In a press release signed by Executive Secretary Duncan Amoah, CPCG stated that because of ongoing geopolitical events, particularly in the Middle East, the international market price for petrol has moved from $630.525/mt to $655.625/mt.
“These increases on the international market translate to around Ghp8 per litre on local pump prices for both petrol and diesel or around 5% on international price index, representing a further increase of about 1.25% variance on current pump prices,” the statement explained.
“This will bring the cumulative increases at the Ghanaians pumps to, in excess of a cumulative nominal of Ghp 68 per litre or 14% increases within a spate of under 10 days,” the CPCG explained.
Some two weeks ago prices at the pumps in Ghana shot up by 12% due to the introduction of some taxes and increases in margins by the National Petroleum Authority (NPA).
The agitations from citizens against these increases momentarily forced the NPA to cut off the 17 pesewas per litre that it had slapped on petroleum products as a new margin.
However, with the new rising prices on the international market, the government would have to bite the bullet and increase fuel prices, according to the CPCG.
If this happens, the excruciating effects of high prices of goods and commodities in the country would only get worse, Whatsup News has gathered.
Already, prices of commodities such as cement, maize and other foodstuff are recording increases as high as 50% in the past two weeks.