Petrol prices may hit GH¢11 per litre soon – COPEC.
TOR will be fully operationalized, and COPEC LPG prices will be reduced by 17 pesewas.
Analysts believe the government should intervene in retail fuel prices.
According to the Ghana Chamber of Petroleum Consumers (COPEC), the price of gasoline could reach GH11 per liter in the second week of June.
In a CitiNews interview, COPEC Executive Director Duncan Amoah warned consumers that if things continue as they are, they will have to pay more for gasoline.
He predicted that diesel and liquefied petroleum gas (LPG) prices would fall by 40 pesewas per litre and 17 pesewas per kilogram, respectively.
"Petrol will rise to nearly GH11 for this window, while LPG will fall by up to 17 pesewas, or 1.61 percent, for the first window."
Duncan Amoah, on the other hand, has joined calls for the implementation of TOR to help slow the rapid rise in fuel prices.
"Getting TOR to work will also help us avoid some of the challenges we expect in the coming days and months." We put pressure on authorities to ensure that institutions like BOST are not overlooked."
Meanwhile, Alhaji Fawan Issah Iddi, an energy analyst with the African Institute for Energy Policy and Security, wants the government to "temporarily intervene in retail fuel prices to deregulate gasoline prices."
read also: Government has lost control of the economy – Gibril asserts.
Mahdi Gibril, a member of the National Democratic Congress's (NDC) communication team, believes that the mere discussion of the introduction of a price control measure demonstrates that the government has lost control of the country's economy.
He claims that the government's New Patriotic Party (NPP) will now have to admit to Ghanaians that they have failed to manage the economy.
"The NPP has lost control over economic management." "The blame is no longer on COVID-19 or Russia because reality has set in," he said on Happy98.9FM's 'Epa Hoa Daben' political talk show with Don Kwabena Prah.
Year-on-year inflation in early 2022 was around 12.7 percent; now, the April inflation rate, which does not account for the recent 20% increase in transportation fares, is 23.6 percent.
Food prices have more than doubled, and fuel prices have more than fivefold increased. Fuel prices will rise from Gh 6.90 to Gh 7.42 in January 2022. Prices increased from Gh 7.42 to Gh 7.99 in February. Prices increased twice in March, first to Gh 8.29 and then to Gh 8.49. It then increased to over Gh 9, and diesel now sells for Gh 11.24 and petrol for Gh 9.80.
With these challenges confronting Ghanaians, Gabby Otchere-Darko, a leading member of the NPP, revealed that the government considered instituting price control mechanisms to halt recent increases in the country's prices of goods and services.
"Should Ghana re-introduce price controls in an attempt to curb rising costs of goods and services?" he tweeted on Monday, May 30, 2022. According to my sources, Cabinet has so far rejected that option. Price controls have historically been an unmitigated disaster in Ghana. However, as inflation reigns, it may sound enticing once more."
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