Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah has cautioned against hoarding fuel amid speculation of a price increase.
The Chamber of Oil Marketing Companies has raised the alarm about a looming shortage of petroleum in the country.
Speaking on Starr Today with Joshua Kodjo Mensah, Mr. Amoah revealed that there is a possibility of increase in fuel prices, insisting that hoarding it might not yield significant benefits.
“I think that anyone that decides to hoard, may not be acting quite smartly. I speak with you, there’s also the possibility of fuel prices going up from tomorrow”, he stated.
He explained that recent analysis shows a potential of 2-3% increment in fuel prices within the next few days, that could lead to some fuel pump stations hoarding fuel with hopes of reselling at a higher price later in the week.
“There’s some 2-3% increment likely to hit all of us maybe in the next few days. So, maybe that could be enough basis or good ground for some to also hoard the product with the hope that by close of the week, they could sell and make a little more than they actually paid for,” he said.
Mr. Amoah further highlighted that this increase is driven by international benchmarks and there may be an increment at the pump coming Thursday.
“Per the numbers I have seen, international benchmarks are a bit higher than the previous window. So, it is likely based on both numbers that some 2-3% could be added.”
He added that “at the beginning of trading for the current window, the industry was quoting around 14.8 to about 15.3. I’m sure it would have gone up to about 15.5 now. So, if you put that together with the international benchmark numbers that have also seen an increase, maybe we’ll get some marginal increments at the pump effective Thursday.”
