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The Chamber of Petroleum Consumers Ghana, COPEC, has warned that fuel prices could rise again this week, driven by sustained increases in international crude oil and refined petroleum product prices.
Executive Director of COPEC, Duncan Amoah, said the recent upward adjustment in local pump prices reflects global market trends and should not come as a surprise to consumers.
Speaking to the media, Mr. Amoah said current prices at the pumps are supported by data from major international trading markets.
“You cannot get it any cheaper at this time anywhere. Even in the United States, fuel prices that had declined have gone back up. What you’re seeing here is a stark reflection of the kind of prices you are seeing globally,” he stated.
He noted that Platts benchmark prices for petrol, diesel and aviation turbine kerosene, ATK, have risen sharply in recent weeks.
“The prices are fair based on the numbers we have in-house. These are not prices coming from people’s imaginations. Platts prices, where petrol, diesel and ATK are traded globally, have really gone up, and I will not be surprised if that goes up again in the course of this week,” Mr. Amoah added.
COPEC’s warning comes amid growing public concern over rising fuel costs.
Petrol is currently selling at around GH₵14.5 per litre, while diesel is nearing GH₵18 per litre at several pumps across the country.
The development has already triggered reaction from the transport sector. Commercial transport operators say they may impose a 30% increase in fares if government does not intervene to stabilize fuel prices.
Despite the resumption of crude oil refining at the Tema Oil Refinery, TOR, Mr. Amoah said Ghana remains fully exposed to international price volatility.
According to him, engagements with TOR indicate that the refinery is purchasing crude on strict commercial terms rather than under any concessionary government arrangement.
“We wanted to understand whether government was supplying crude under a strategy such as Brent-minus or WTI-minus pricing. But it appears the crude supplied to TOR was strictly commercial, meaning the refinery has to pay whatever price has been locked in on the international market,” he explained.
He added that because the crude is also dollar-indexed, fluctuations in both global oil prices and the exchange rate continue to feed directly into domestic pump prices.
Mr. Amoah urged the Ghana National Petroleum Corporation, GNPC, and the Ministry of Energy to review the current supply framework to determine how Ghana’s locally produced crude can be deployed more strategically.
He argued that a deliberate policy to prioritize domestic crude for local refining could help cushion consumers from persistent global price shocks.
“With TOR back in operation, the conversation should now shift to how we use our own crude to bring some relief to Ghanaians,” he said.
COPEC advised consumers to brace for possible further adjustments at the pumps in the coming pricing window, pending developments on the international market.
