The Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has issued a warning to the public against hoarding fuel in response to speculation about a potential price increase.
This caution comes as the Chamber of Oil Marketing Companies raises concerns about a looming petroleum shortage in the country.
In an interview, Mr. Amoah acknowledged the likelihood of a slight increase in fuel prices but insisted that hoarding would not be a prudent decision.
“I think that anyone who decides to hoard fuel may not be acting quite smartly. As I speak to you, there’s a possibility of fuel prices going up from tomorrow,” he stated.
He explained that analysis indicates a potential 2-3% increase in fuel prices within the coming days.
This, he noted, might tempt some fuel stations to hoard supplies in hopes of capitalizing on higher resale prices later in the week.
“There’s some 2-3% increment likely to hit all of us in the next few days. This could motivate some to hoard the product, expecting to sell it at a higher price by the close of the week,” Mr. Amoah explained.
He attributed the potential price hike to increases in international market benchmarks.
“Per the numbers I have seen, international benchmarks are a bit higher than the previous pricing window. So, it is likely that a 2-3% increment could be added.”
Providing further insights, he noted, “At the beginning of trading for the current pricing window, the industry was quoting around 14.8 to 15.3. It’s likely that this figure has now climbed to about 15.5.
Combined with the international benchmark increases, we may see marginal increments at the pump effective Thursday.”
Mr. Amoah emphasized the importance of prudent decision-making during this period and urged both consumers and fuel retailers to avoid practices that could exacerbate supply challenges.
The Chamber of Petroleum Consumers continues to monitor the situation and has assured the public of updates as developments unfold.
