- COPEC warns public to expect higher fuel prices
- Some companies have started increasing prices
- The exchange rate volatility has made it difficult
The Chamber of Petroleum Consumers (COPEC) has warned the public to expect higher fuel prices at the pumps in the coming weeks due to the depreciation of the cedi. This warning comes after some oil marketing companies started increasing prices at the pumps despite projections that prices would go down from mid-May.
The cedi’s depreciation has led to an increase in the cost of importing fuel, making it more expensive for oil marketing companies to purchase. The exchange rate volatility has made it difficult for companies to plan and predict their pricing, resulting in some companies increasing prices at the pumps.
Oil marketing companies are struggling due to the exchange rate volatilities, making it difficult for them to plan and predict their pricing. Despite some companies exploring innovative ways to minimize the impact of the cedi’s depreciation, the instability is making it challenging to maintain current prices.
As of Tuesday, May 21, 2024, one dollar was selling for GH¢15.20 at Forex Bureaus, highlighting the extent of the cedi’s depreciation.
Some companies have started increasing prices at the pumps, while others have maintained their prices despite the cedi’s depreciation. The public is advised to prepare for possible price increases if the cedi’s depreciation continues.
The situation highlights the complex interplay between global market trends, currency fluctuations, and local pricing strategies. The depreciation of the cedi has far-reaching consequences, affecting not only fuel prices but also the overall economy.
COPEC has urged the government to take action to stabilize the cedi and prevent further depreciation. This would help to reduce the cost of importing fuel and make it easier for oil marketing companies to plan and predict their pricing.
Despite the challenges, some oil marketing companies are exploring innovative ways to minimize the impact of the cedi’s depreciation. This includes adopting new pricing strategies and finding ways to reduce costs.
The public is urged to prepare for possible price increases if the cedi’s depreciation continues. This would help to mitigate the impact of higher fuel prices on households and businesses.
The depreciation of the cedi has led to an increase in fuel prices, making it more expensive for oil marketing companies to purchase. The public is advised to prepare for possible price increases, and the government is urged to take action to stabilize the cedi and prevent further depreciation.
