The Chamber of Petroleum Consumers-Ghana (COPEC) is raising concerns over an almost 1 per cent increase in fuel prices since Friday evening.
Executive Secretary of the Chamber, Duncan Amoah, on Sunday, December 8, 2019 in a press statement said a “recent fast depreciation of the cedi against the dollar from ¢5.53 to around ¢5.710 forward rates is largely responsible for this increase in prices…”
He, however, admits that “there have been some “marginal increases in FOB prices as freight premiums have shot up a bit due to the IMO Cap 2020 programme”.
COPEC is, therefore, urging the Monetary Policy Committee to work very hard to control the fast-depreciating cedi in order to avoid any needless fuel price increases at a time when most petroleum consumers are already complaining of very harsh fuel prices across pumps within the country”.
Source: mybrytfmonline.com
