.jpg)
Liquefied petroleum gas (LPG) prices are expected to rise by 10% starting on Tuesday, November 1, 2022, according to the Chamber of Petroleum Consumers (COPEC), while gasoline and diesel prices are likely to increase by between GHS 3 and GHS 8.
This, according to COPEC, is a result of changes in the price of petroleum products on a global scale.
At the moment, certain oil marketing companies are selling gasoline for GHS 17 and diesel for GHS 19.
"We are confident that one of the main issues currently facing Ghanaians, in general, has to do with fuel prices, which keep rising week in and week out. According to Duncan Amoah, executive director of COPEC, as of October 28, we were averaging GHS 14 for gasoline and GHS 17 to GHS 19 a litre for diesel.
In order to give customers of the commodity some relief, the government has stated that attempts are now being conducted to "ensure reliable and regular sources of affordable petroleum products."
The government is attempting to find dependable, consistent suppliers of petroleum products at fair prices for the Ghanaian market.
When effective, it is anticipated that this arrangement, along with a stable currency, will stop the rise in fuel prices and provide relief for everyone, said President Akufo-Addo.
As the cost of petroleum products rises, industry players have warned of harder times ahead.
According to Duncan Amoah, the Executive Director of COPEC, there will probably be another hike starting on Tuesday.
"Most of us anticipated that the presidential address would strive to find some urgent fixes to the current scenario we find ourselves in and measures to lower prices. Unfortunately, the only information we have is that we want to investigate purchasing fuel from less expensive sources.
It would be an understatement to suggest that the possibility of fuel price increases still exists. Expectations in the downstream market may increase again on Tuesday.