Prices of petroleum products to be increased by 5.5% from today – COPEC

The Executive Secretary for Chamber of Petroleum Consumers-Ghana (COPEC) says prices of petroleum products are expected to increase today, August.

Duncan Amoah said this is part of the adjustments for the second pricing window of August.

“The first window in August saw some marginal reductions, the second window, unfortunately, will see an increase of some 5.5%, instead of sustained reduction.

“This is mostly due to the cedi’s fast depreciation and the unavailability of the dollar for importers to pay off their suppliers,” he told Citi News.

The two pricing windows every month allow Oil Marketing Companies to adjust the prices of the products.

On July 18, this year, many Oil Marketing Companies (OMCs) reviewed the prices of petroleum products downwards.

This was after the Bulk Oil Distributors cut the prices of finished petroleum products.

Leading industry players Total and GOIL slashed prices of fuel at the pumps before that.