Rising Fuel Prices Will Inevitably Push Up Transport Fares – COPEC

The Chamber of Petroleum Consumers (COPEC) has warned that continued increases in petrol and diesel prices will put further pressure on public transport fares in Ghana.

COPEC Executive Secretary Duncan Amoah said transport operators are already struggling with rising fuel costs, making fare adjustments increasingly difficult to avoid.

However, he cautioned drivers against imposing arbitrary fares, stressing the need for coordination between transport operators to prevent commuters from being overcharged.

Mr Amoah also warned that higher transport costs could eventually lead to increased prices for goods and services, given Ghana’s deregulated petroleum pricing system.

COPEC Calls for Dual Pricing Mechanism

COPEC is also pushing for a dual pricing mechanism that would allow government to adjust petroleum taxes depending on international fuel prices.

Under the proposal, government could collect slightly higher taxes when global fuel prices are favourable and reduce the tax burden when prices rise sharply.

Mr Amoah said COPEC is discussing the proposal with the Ministry of Energy as a longer-term solution to fuel price fluctuations.

He also called for the establishment of a strategic petroleum reserve to help Ghana better withstand international oil price shocks.

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