The Chamber of Petroleum Consumers Ghana (COPEC) estimates that fuel prices could reach GHS18 per litre by the end of the year if action is not taken to halt the rapid rise in prices at the nation's filling stations.
The Chamber of Petroleum Consumers Ghana (COPEC) Executive Secretary, Duncan Amoah, told Citi Business News that "we are now hitting GHS15 per litre for fuel."
"The cedi has unquestionably not achieved a point of stability, and if it keeps sliding, a further increase is projected to take place in the first week of November," the statement continued. Ghanaians may have to pay GHS17 to GHS18 per liter for fuel between now and December.
I don't want us to get there, and I believe that individuals in charge of making policy decisions and the government need to wake up.
The cost of petrol has lately climbed to about GHS16 per litre in various areas of the country.
For instance, at Total Energies, a reputable oil marketing company, the price of diesel is currently GHS15.99, while the price of gasoline is GHS13.10.
Compared to earlier in the month, when gasoline was GHS11.06 per litre and diesel was GHS13.95, this is a significant increase.
Most of the country's quickly growing fuel prices, which started in January at about GHS6.5 per litre, can be attributed to the rise in the item's price on global markets.