Fuel Price Hikes: Petroleum prices to go up from today, November 16 – COPEC
Prices of petroleum products at pumps are expected to witness upward adjustments from today, November 16, the Chamber of Petroleum Consumers (COPEC) has announced.
The Chamber attributed these expected price increases to rising global crude oil prices and a recent decline in the Cedi’s performance against major foreign currencies.
According to a statement from the Chamber, COPEC Executive Secretary Duncan Amoah projected that petrol prices would witness a 3.38% increase, moving pump prices from a GHS12.18 average to GHS12.59 per litre.
Diesel is expected to experience a more significant uptick of 9.81%, with prices projected to shoot up from GHS12.49 to GHS13.71 per litre, while Liquefied Petroleum Gas (LPG) is set to see about 1.97% upward price adjustment, bringing the cost per kilogram to GHS11.87.
COPEC emphasized that these projected adjustments reflect current international market trends and the currency pressures impacting the costs of petroleum imports, noting that while the actual price increases may vary slightly from pump to pump, they are likely to remain within a 5% range of the estimates provided.
COPEC Chief Executive Duncan Amoah appealed to Oil Marketing Companies (OMCs), urging them to consider absorbing some of the price increases to lessen the financial burden on consumers.
“We appeal to OMCs to absorb part of the increases to avoid burdening consumers with steep hikes,” he said.
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