The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah has warned that should the prevailing conditions in the petroleum sector fester, there will be a shortage of petroleum products in the country ahead of the Christmas festivities.
“If you look at the economic activities that occasion the last quarter of the year, we are not looking at the cedi doing any better, importations are going to double because of the festivities and the currency may still take a battering and once that happens you are expecting prices to go up further.”
“Again OPEC has given us an indication that they are working to cut down on production, and that can only mean one thing, Global prices will go up. That is why I have said that if we do not change course, if we do not see a certain urgent action, we are simply going to have fuel prices go up,” Mr Amoah said.
But the National Petroleum Authority (NPA) has, however, assured that steps are being taken to ensure a regular supply of fuel throughout the year.
Mohammed Abdul-Kudus, the Director of Communications at the NPA, said everything possible will be done to ensure that the country does not experience any fuel shortages ahead of the Christmas season.
Fuel prices shot up again on Tuesday, November 1, with diesel hitting GHC23.49 per litre, while Petrol jumped to Ghc17.99 per litre with Kerosene also selling at Ghc14.70.
The new prices took effect from Tuesday, 1 November 2022.
Meanwhile, the Association of Oil Marketing Companies (OMCs) has also warned of a possible collapse of some outlets in the face of the current economic challenges and the high cost of running their businesses.
Stakeholders in the industry have attributed the incessant increase in fuel prices to the depreciation of the cedi against the dollar and the difficulties in accessing dollars for purchase.
The Chief Executive Officer of the Association of Oil Marketing Companies, Kwaku Agyemang Duah, in an interview with Citi News said some companies have already collapsed due to increasing losses.
“Already we have had some people who have collapsed, when you have things like this it becomes the survival of the fittest, but the old guys are still around and that gives us hope,” Mr Agyemang Duah said.
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