The Chamber of Petroleum Consumers (COPEC) is urging the government to establish a Special Petroleum Fund aimed at cushioning consumers against future fuel price volatility.
According to the chamber, the fund would enable the country to strategically import and store petroleum products when global prices dip, and release them onto the market whenever prices surge. COPEC believes such a mechanism would help mitigate the financial strain on motorists and businesses during periods of international price instability.
The call comes as COPEC’s latest projections indicate a looming hike in fuel prices. Petrol is expected to increase by about 3.38%, rising from an average of GHS 12.18 per litre to GHS 12.59, while diesel could see a sharper jump of 9.81%, from GHS 12.49 to GHS 13.71 per litre.
Speaking to Citi News on Sunday, November 16, 2025, COPEC’s Head of Research and Training, Paul Ofori, emphasised the urgency of adopting a long-term solution to protect consumers from global market shocks.
“We have advised the government to explore measures that can provide some level of security and help tame pump prices. Unfortunately, those proposals have not been taken up,” he said.
He reiterated the chamber’s call for a Special Petroleum Fund, noting that such a policy could help ensure fuel price stability: “When international prices are favourable, products can be imported and stored and when prices rise, the government can release them onto the local market to ensure stability.”