According to Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), if the current problems in the petroleum industry continue, there will be a shortage of petroleum products in the nation before the Christmas celebrations.
"If you look at the economic activities that occasion the final quarter of the year, we are not looking at the cedi performing much better. Importations are likely to double because of the holidays, and the currency may still take a beating. Once that happens, you are expecting prices to go up more."
"OPEC has once again given us a hint that they are attempting to reduce supply, and that can only mean one thing: Global prices will increase. That is why I have stated that if we do not alter direction or if we do not see a specific urgent response, fuel costs would only increase," Mr. Amoah added.
Although initiatives are being done to guarantee a consistent supply of fuel throughout the year, the National Petroleum Authority (NPA) has nonetheless provided assurances to that effect.
The NPA's Director of Communications, Mohammed Abdul-Kudus, promised that every effort will be made to prevent any gasoline shortages in the nation before the Christmas holiday.
On Tuesday, November 1, fuel prices increased once more, with diesel reaching GHC23.49 per litre, petrol rising to GHC17.99 per litre, and kerosene selling for GHC14.70.
Starting on November 1st, 2022, Tuesday, the new prices were in effect.
In the meantime, in light of the current economic difficulties and the high cost of operating their companies, the Association of Oil Marketing Companies (OMCs) has also issued a warning about the potential collapse of several outlets.
Industry participants have blamed the depreciation of the cedi versus the dollar and the challenges in obtaining dollars for purchases for the ongoing rise in fuel prices.
In an interview with Citi News, Kwaku Agyemang Duah, the chief executive officer of the Association of Oil Marketing Companies, stated that some businesses have already failed as a result of rising losses.
The fact that the "old boys" are still there and giving us hope, according to Mr. Agyemang Duah, offers us hope. "We have already had some people who have collapsed; when you have situations like this it becomes the survival of the fittest," he said.