Reduce fuel prices – COPECGH

Petroleum service providers in the country should be fair with consumers and reduce fuel prices immediately at the various pumps in the country as the petroleum price deregulation programme stipulates, the Chamber of Petroleum Consumers Ghana (COPECGH) has admonished.

Executive Secretary of COPECGH Duncan Amoah indicated that the unwillingness of fuel companies to reduce the price of their products when prices of petroleum on the world market fall “will lead to loss of confidence in the current price deregulation system altogether”.

Mr Amoah, who was speaking in an interview with Emefa Apawu on Class FM’s 505 news programme on July 6, indicated that world market prices of petroleum reduced prior to the review window at the beginning of July but several days after the review period, oil marketing companies (OMCs) and the bulk oil distribution companies (BDCs) have failed to reduce their prices at the vending points.

“The very current petroleum pricing window officially commenced on the 1st of July and under NPA regulations adjustments, if any, are to be effected but five clear days after and Ghanaian consumers are still being charged same exorbitant prices although fairness will dictate prices will have to be reduced by a minimum of 3% which represents some $2 variance from the previous levels of $50.22/barrel for which prices were set at the levels they are today. The two-week weighted averages on the international market index between 15th and 30th June was $48.21/barrel,” he explained.

He continued: “World market prices as of today is between $46-47/barrel, almost representing some $4/barrel variance. But as usual these petroleum service providers, when prices have had to go down, they brazenly turn a deaf ear eye to fairness and won't hesitate increasing next time when same world market index inches up by even a dollar.”

They have, therefore, demanded an immediate reduction and called for further checks and a possible review of the price deregulation programme if the situation persists.

Additionally, the chamber also entreated government to explore ways of reducing tax levels on petroleum as it has been able to do for electricity.