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Cedi depreciation causing hike in fuel prices – COPEC

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The Chamber of Petroleum Consumers (COPEC) has attributed the hike in fuel prices to the depreciation of the cedi against the US dollar.

A Researcher and Monitoring Officer at COPEC, Samson Addae speaking to A1 Radio, noted that prices of oil on the international market witnessed some stability but that did not reflect at the pumps because of the cedi depreciation.

“The issue about the major jump that you are talking about is the cedi depreciation, because as at last two weeks prices on the international market have been stable. We didn’t expect that, that would have resulted in a major jump of prices on our pumps or the local market. But, because the cedi depreciated so much the BDCs they couldn’t bear that so they also had to pass it on to the consumer. It was the cedi and nothing else”.

The price of diesel has shot up to about Ȼ23.49 per litre, petrol is selling at about Ȼ17.99 per litre.

Mr Addae noted that the government can use part of the revenue accrued from the Price Stabilization and Recovery Levy and the projected value of oil that the country sells at the international market to cushion Ghanaians.

According to him nothing is being done by the government, prices may likely go up again in the next pricing window.

“Government should do well to cushion us now. If nothing is done maybe prices will increase in the next pricing window”.

Source: A1radioonline.com|101.1MHz|Osuman Kaapore Tahiru|Ghana

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