BusinessNews

Food prices to shoot up as fuel hikes hit GHS 9.00 by end of March

The Chamber of Petroleum Consumers Ghana, (COPEC), has predicted fuel prices will jump to  GH¢9.00 per litre by the end of March.

Executive Secretary of COPEC, Duncan Amoah, said the hike is as a result of the free fall of the cedi coupled with the Russia-Ukraine crisis.
Food prices are expected to jump in early April as traders will channel the shocks to consumers.

“We would hit nine before March comes to an end. It is the easiest calculation anybody could do. Ukraine and Russia don’t seem to be ending any moment soon,” he noted on Asempa FM.

Duncan Amoah is the Executice Director for COPEC Ghana.

In less than two weeks, the prices of diesel and petrol have increased by over 30 percent and are selling at ¢8.29 at the pumps.

Public transport operators also adjusted their fares by 15 percent in response to the incessant fuel hikes, resulting in a slight increment in food prices.

Some Ghanaians are blaming the government for not doing enough to cushion Ghanaians against the hardship caused by the rise in fuel prices but the drivers argue that the taxes on the petroleum price build-up are too much.

A lorry park in Accra

Duncan Amoah in response said the current situation is beyond the government’s control.

He noted that the Russia-Ukraine conflict has affected international market price – a situation he said will be dire for Ghana.

“Times are hard and it doesn’t look like the fuel prices will be coming down soon. We are not in normal times,” the COPEC boss said.

Duncan Amoah appealed to the government to subsidize the product to bring relief to Ghanaians.

 

Source: Myxyzonline.com|Ghana

 

Back to top button