Fuel price set to cross GH¢10 per litre

Estimates by the Association of Oil market Companies (AOMCs), the Chamber of Petroleum Consumers (COPEC) and the Institute for Energy Security (IES) indicated that the price of petrol could rise by more than 30 per cent to above GH¢10 a litre from today.

Experts say escalating fuel prices risked sustaining the escalating cost of living by raising inflation, dampening economic growth through weakened consumption and production, and increasing the fiscal deficit.

Inflation has already peaked at 15.7 per cent in February, up from 13.9 per cent in January, forcing an emergency Monetary Policy Committee (MPC) meeting by the Bank of Ghana this week.

COPEC and IES said in their Separate press releases on Monday that the prices could surpass GH¢10 from today, when the second pricing window of the National Petroleum Authority (NPA) opens.

The AOMCs estimates, however, showed that the price could climb up to GH¢11 per litre within the next pricing window should the factors forcing the rise remain same or worsen.The authority, which regulates the downstream petroleum sector, gives indicative prices for OMCs, the retailers of refined petroleum products, to use in pricing their products.

Source:graphiconline