{"id":73023,"date":"2024-05-11T18:09:20","date_gmt":"2024-05-11T18:09:20","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=73023"},"modified":"2024-05-11T17:42:13","modified_gmt":"2024-05-11T17:42:13","slug":"increasing-fuel-prices-cedi-volatility-is-a-factor-copec","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/increasing-fuel-prices-cedi-volatility-is-a-factor-copec","title":{"rendered":"Increasing fuel prices: Cedi volatility is a factor \u2013 COPEC"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Ghana. <\/strong><\/span><b>Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, has blamed the rising fuel prices on the unpredictability of the Cedi.<\/b><\/p>\n<p>The depreciation of the local currency against the major trading ones especially the Dollar results in doubling fuel prices the pumps<\/p>\n<p>To deal with the effect of the rising fuel cost of fuel, he suggested to the government to introduce a safety net to cushion petroleum consumers.<\/p>\n<p>At the moment, he explained that whatever happens to the crude oil prices on the international market automatically affects the local market.<\/p>\n<p>However, the absence of safety cushioning in Ghana results in consumers being severely impacted.<\/p>\n<p>\u201cUnfortunately, Ghana does not have any safety cushioning and so whatever happens on the global stage people will have to pay for it here. whenever the local currency decides to misbehave people will have to pay for it in terms of fuel prices at the pumps.<\/p>\n<p>\u201cRealistically, the currency is looking quite unpredictable at this point, the depreciation continues.<\/p>\n<p>\u201cAs of last week, the Chamber of Bulk Oil Distributors were quoting around 13.9, 14.05. what that means is that in any fuel pricing situation, you get on the international market, if it goes up and you add the Cedi depreciation effect it will double up,\u201d he said on Thursday, May 9 while commenting on reports os possible increment in fuel prices.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/ghana\">Ghana<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Ghana. Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, has blamed the rising fuel prices on the unpredictability of the Cedi. The depreciation of the local currency against the major trading ones especially the Dollar results in doubling fuel prices the pumps To deal with the effect of the [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":73022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-73023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Increasing fuel prices: Cedi volatility is a factor \u2013 COPEC - Ghana<\/title>\n<meta name=\"description\" content=\"Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, has blamed the rising fuel pric ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/increasing-fuel-prices-cedi-volatility-is-a-factor-copec\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Increasing fuel prices: Cedi volatility is a factor \u2013 COPEC\" \/>\n<meta property=\"og:description\" content=\"Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, has blamed the rising fuel pric ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/increasing-fuel-prices-cedi-volatility-is-a-factor-copec\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-11T18:09:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715436549.824369.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"514\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/increasing-fuel-prices-cedi-volatility-is-a-factor-copec#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/increasing-fuel-prices-cedi-volatility-is-a-factor-copec\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Increasing fuel prices: Cedi volatility is a factor \u2013 COPEC\",\"datePublished\":\"2024-05-11T18:09:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/increasing-fuel-prices-cedi-volatility-is-a-factor-copec\"},\"wordCount\":246,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/increasing-fuel-prices-cedi-volatility-is-a-factor-copec#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715436549.824369.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/increasing-fuel-prices-cedi-volatility-is-a-factor-copec#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/increasing-fuel-prices-cedi-volatility-is-a-factor-copec\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/increasing-fuel-prices-cedi-volatility-is-a-factor-copec\",\"name\":\"Increasing fuel prices: Cedi volatility is a factor \u2013 COPEC - 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