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Business News of Tuesday, 14 June 2016

Source: ultimate1069.com

Fuel hikes, totally unnecessary - Petroleum Chamber


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Chamber of Petroleum Consumers has described the upward review of fuel prices by National Petroleum Authority (NAP) which takes effect from Thursday June 16, 2016 as ‘very unfortunate and totally unnecessary’

Industry regulator announced that there will be an upward adjustment in prices of fuel in the coming days.

But the Chamber believes the latest move will amount to complete and needless fleecing of the Ghanaian consumer.

‘The chamber finds the latest moves very unfortunate and totally unnecessary considering the fact that world market prices though currently volatile has not seen any significant increases to warrant any such relative increases on local pump prices, the exchange differentials have also neither seen any significant changes to warrant any such increases,’ fumed the Executive Secretary of CPC, Duncan Amoah in a statement.

The Chamber threatened to advised itself if all consultations and negotiations remain unheeded.

Read full statement below:

CHAMBER OF PETROLEUM CONSUMERS GHANA PETROLEUM NEWS
FLASH 14/06/2016
FUEL PRICES SET TO GO UP AGAIN FOR SECOND PRICING WINDOW.


The second pricing window for the month of June is set to commence on Thursday the 16th June and information and figures gathered from Industry players suggest prices are likely to be adjusted upwards by some 2% on current exorbitant pump prices.

The chamber finds the latest moves very unfortunate and totally unnecessary considering the fact that world market prices though currently volatile has not seen any significant increases to warrant any such relative increases on local pump prices, the exchange differentials have also neither seen any significant changes to warrant any such increases.

We find this latest moves very worrying and will advise the various petroleum service providers to shelve any such moves as it will amount to complete and needless fleecing of the Ghanaian consumer.

We further use this opportunity to also remind government of the urgent need to ensure the downward revision of the levels of taxes on petroleum products in the country.

We also maintain our call on government to put in place a dual pricing mechanism which will serve to minimize the effects of world market prices adversely affecting local pump prices and the deregulation programme altogether.

We further remind government that it’s own projected and budgeted $53/barrel for 2016 fiscal year from jubilee exports and revenue realization is close to a reality as prices hover around $50/barrel currently and could soon hit the budgeted figure, hence the need to ensure most if not all of the petroleum taxes in the 2015 energy sector levies Act be reviewed or removed completely.

We continue to monitor prices and will not hesitate to advise ourselves accordingly in due time if all consultations and negotiations remain unheeded.

Signed…

Duncan Amoah Executive Secretary

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