May 5, 2022

Russia-Ukraine War Not A Factor Of Fuel Price Increment; Copec Disagrees With Gov’t

On many occasions and on various platforms government officials have linked the current economic crises to the Russia-Ukraine war consistently placing emphasis on fuel supply as an area hardly hit by the war.

However, Chamber of Petroleum Consumers (COPEC) has openly disagreed with the government for singling out the Russia-Ukraine war as the cause of the state of the economy specifically with the unstable fuel prices.

Mr. Sampson Addae, Research, Planning, and Monitoring Director of the Chamber of Petroleum Consumers (COPEC), stated on the Opemsuo Radio Nkwatananso morning show with Agudey that, prior to the Russia-Ukraine war, fuel prices had been increased twenty-two times in a row last year, as well as a consistent increase early this year before the war, with the price of a gallon of petrol being around GHC 33 to 35.

He reiterated that, in the midst of the war fuel prices have become stable in the world but the major factor in this regard is the depreciation of the cedi.

He said the inability of Ghana to refine its crude oil in the country is also a major factor responsible for the unstable prices of fuel in the country.

“Although the Russia-Ukraine war influenced fuel price at the international market at the early days of the war, however, it plays a little role in this regard, he emphasized”.

Source: Effah Mensah William

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