Oil Marketing Companies (OMCs) in the country must cut the price of fuel by five per cent and beyond per the petroleum deregulation programme, the Chamber of Petroleum Consumers – Ghana (COPECGH) has said.

A press statement issued by the Chamber and signed by its Executive Secretary, Duncan Amoah, on August 1 indicated that its analysis showed that the least amount of reduction had to be five percent.

“We, by this statement, are calling on the various bulk distribution companies and oil marketing companies to reduce fuel prices by, at least, five per cent to ensure the right things are done in a deregulated market where the cardinal principle of fairness is protected as is the case the world over,” the statement indicated.

The Chamber expressed strong reservations about the continued and deliberate failure by some OMCs to reduce fuel prices when world indices dropped, but would increase the prices quickly when crude went up on the world market.

According to the statement, consumers should have enjoyed about 12 per cent reduction over the past four windows, but this had not been so. “Prices on the world market over the past four windows have gone down by over 17.164 per cent from previous levels of $50.22/barrel to the current indices of $41.60/barrel, but the local pumps have till date adjusted by less than 5 per cent cumulative across most OMCs,” he added.

COPECGH, therefore, advised Ghanaians to buy fuel from OMCs that had demonstrated price sensitivity over the period, “as it’s the only way those charging higher currently will begin to appreciate the need to give value for money in petroleum pricing”.