Business

Fuel prices to go up by 3%

The Chamber of Petroleum Consumers (COPEC) has predicted a 3% increase in the price of fuel in the second pricing window of May which starts from May 16, 2018.

“Fuel prices at the pumps look set to go up by around 3% in the next pricing window of May and we believe a fully functional National refinery would have served a good catalyst to manage such price increases once we pick our own crude to process and refine locally, but it sadly seems the contention of the Minister is that the only refinery currently functional needs no revamping but scrapping,” Executive Secretary, Duncan Amoah, said on Monday 14 May 2018.

A statement released by COPEC-GH stated that petrol and diesel will experience upward reviews.

The statement further called on the Minister of Energy, Boakye Agarko, to rescind government’s decision to convert the Tema Oil Refinery (TOR) into a tank farm, an industrial facility for the storage of petrochemical products and from which these products are usually transported to end users or further storage facilities.

Mr Agyarko announced government’s intention at an Offshore Technology Conference (OTC) in Houston, Texas, recently, saying the government intends establishing a new refinery hub in the Western Region, where most of Ghana’s oil activity takes place, to serve the West African sub-region.

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