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Business News of Monday, 16 December 2019


Fuel increment insensitive – GASSOP

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The Chief Executive Officer of GASSOP Oil, Francis Kojo Poku has described the latest increase in fuel prices as insensitive and unfortunate barely a week to Christmas.

Barely a week after fuel prices went up at the pumps across the country, the Chamber of Petroleum Consumers has hinted of another upward adjustment in fuel prices.

According to the chamber, the National Petroleum Authority (NPA) has written to Petroleum Service Providers notifying them of an adjustment “some elements on the already high petroleum price build-up and fuel prices”.

“Our attention has been drawn to a Memo from the National Petroleum Authority (NPA) dated Friday 13/12/2019, to all Petroleum Service Providers indicating a decision to further increase some elements on the already high petroleum price build-up and fuel prices.

Per the directive which is expected to take effect today, Monday, 16/12/2019, all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPG-MCs) are to apply an upward review of a combined 4 pesewas increase to Ghanaian pump prices, the statement added.

But speaking on Morning Starr Monday, Mr Kojo Poku stated that even though the price increase will directly affect consumers, the decision is unfortunate and quite harsh.

“In the price build-up there has been an increase but it will not be seen at the pump…the action alone when it’s just a week to Christmas is not what I don’t agree with,” Mr Kojo Poku told host Francis Abban.

Meanwhile, the CEO for COPEC, Duncan Amoah has threatened to sue the National Petroleum Authority if the latest increments are not immediately reversed.

“We are calling on the NPA to withdraw this capricious move. They must be called to order…we cannot allow this to continue because it looks like Ghanaians are being taken for granted. The NPA should be reminded that insensitivity will not be taken from them at all.”