COPEC has asked the government to extend its fuel subsidy programme into the second pricing window of September, citing projected increases in petrol and diesel prices that could strain consumers.
Executive Secretary Duncan Amoah signed a statement urging a GH¢1 per litre relief for petrol buyers and the continuation of a GH¢2 per litre subsidy on diesel until global petroleum benchmarks return to normal levels.
COPEC forecasts that petrol will rise to an average of GH¢16.26 per litre and diesel to GH¢19.07 per litre from Wednesday, September 16, a jump attributed to steep rises in international crude oil and refined product prices.
The chamber noted that global crude oil prices climbed from $89.30 to $103.07 per barrel, while the Free‑On‑Board price of petrol increased by 10.08% and diesel by 12.33%.
In addition, COPEC has asked Oil Marketing Companies to "shelve some of their margins" to ease the burden on consumers, and has urged the government to accelerate expansion works at the Tema Oil Refinery to boost its capacity from 45,000 to 100,000 barrels per day.
COPEC believes that increasing refinery output would reduce Ghana’s reliance on imported finished petroleum products and help stabilise fuel prices.
