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Consumers of petroleum products are expected to pay GHS 9.00 per litre of fuel before ending of March 2022 according to a prediction by the Chamber of Petroleum Consumers Ghana, (COPEC)

According to COPEC, the hike in the prices of fuel is partly due to the depreciation of the cedi and Russia’s invasion of Ukraine which is affecting international market prices.

In an interview reported by Citi News, Executive Secretary of COPEC, Duncan Amoah, said the current prices at the pumps is actually on the downside.

“What the situation in Ukraine will mean is that international market prices will continue to surge. Again, we also have a situation where the cedi is not doing so well. I foresee the Ghanaian fuel prices crossing GHS 9.00 per litre before the end of the month.”

Only two weeks ago, fuel prices averaged GHS6.4 per litre as the Price Stabilisation and Recovery Levy (PSRL) was reinstated by the National Petroleum Authority.

Mr. Duncan Amoah, said he had expected the increase to be much higher.

NEWSWIRE GH

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