Fuel prices to go up 3 percent

Fuel prices to go up 3 percent

- IES is predicting a marginal increase in the prices of Petroleum Products at the pumps for the second Pricing Window of May 2018

- According to IES, the increase is as a result of rise in prices of crude oil and finished products at the International market

Fuel prices will go up by 3% in the second pricing window of May, the Chamber of Petroleum Consumers (COPEC) has predicted.

According to COPEC, the prices of both diesel and petro are expected to go up starting from May 16, 2018.

This was revealed in a statement released by COPEC on Tuesday.

Fuel prices to go up 3 percent

Fuel prices to go up 3 percent

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The group has, therefore, petitioned the Energy Ministry to rescind the decision to convert the Tema Oil Refinery (TOR) into a tank farm.

Speaking in an interview with Accra-based Class FM, Executive Secretary of COPEC, Duncan Amoah, said “a fully functional National refinery” would have prevented the fuel price hikes.

Fuel prices at the pumps look set to go up by around 3% in the next pricing window of May and we believe a fully functional National refinery would have served a good catalyst to manage such price increases once we picking our own crude to process and refine locally but it sadly seems the contention of the Minister is that the only refinery currently functional needs no revamping but scrapping,” he said.

A tank farm is an industrial facility for the storage of petrochemical products and from which these products are usually transported to end users or further storage facilities.

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Energy Minister Boakye Agyarko recently announced that government is planning on establishing a new refinery hub in the Western Region to serve the West African sub region.

According to him, the new refinery should be ready latest by 2021 or 2022.

He added that the new refinery will massively improve production, insisting it would be able to refine about eight times more crude in terms of quantity than the current 20,000 barrels per day by TOR.

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