The Chamber of Petroleum Consumers (COPEC) has attributed the recent price hikes of fuel to the continuous fall of the cedi against the dollar.

The Executive Secretary of COPEC, Duncan Amoah in an interview with Accra-based Citi FM said the depreciation has led to speculations in the market causing an increase of about 4 to 10 percent in fuel prices.

He therefore called on government to review some of the tariffs on petroleum products to help cushion the ordinary Ghanaian.

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“Primarily, what is accounting for all of these seems to be the Cedi depreciating further against the dollar; and in the industry, speculation is that, it is going to hit about 4.5 before the end of the month [January].”

“Today as we speak, the petroleum tax alone is driving all of us to the point we are seeing ourselves in… the taxes that we have been complaining about like I indicated; the national petroleum tax initially, was around 33 pesewas per litre, but today it has shot up to almost 54-55 pesewas per litre,” he added.

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The price of a litre of petrol went up between 8 and 11 percent, while the same quantity for a litre of diesel is up between 9 and 11 percent.

A litre of petrol at some major Oil Marketing Companies (OMCs), is now selling between GHc 4 and GHc 4.15.

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A litre of petrol at some major Oil Marketing Companies (OMCs), is now selling between GHc 4 and GHc 4.15.

These hikes have recently caused some agitation from consumers who say the increment is too high.