Prepare To Pay More For Petroleum Products At Pumps Due To Cedi Depreciation – COPEC1 min read

The Chamber of Petroleum Consumers (COPEC) has warned the public to prepare to pay more for fuel at the pumps in the coming weeks due to the depreciation of the cedi.

The warning is coming after some oil marketing companies started increasing prices at the pumps despite projections that prices would go down from mid-May.

The companies have blamed the decision to increase the prices on the uncertainties in the exchange rate market.

As at Tuesday May 21, 2024, one dollar was selling for GH¢15.20 at Forex Bureaus.

The Executive Secretary of the chamber, Duncan Amoah said oil marketing companies are struggling due to the exchange rate volatilities.

Mr. Amoah disclosed that even though some of the oil marketing companies are exploring other innovative ways to minimize the impact of the cedi’s depreciation on their operations, the instability is making it difficult to plan.