Fuel price up 9%

The Chamber of Petroleum Consumers of Ghana has criticised Oil Marketing Companies (OMCs) for increasing fuel prices by as much as 9%.

In a statement, COPECGH said pump prices as of “this morning [January 4, 2017] have gone up by over 9% from some of the major oil marketing companies though the majority are yet to do any adjustments.” “It is worrying what sort of factors or figures influence such astronomical jumps and increases at a time when all variables indicate around 4% will be sustainable,” the statement signed by Executive Secretary Duncan Amoah indicated.

The Chamber accused Shell and Total of unreasonable price hikes and charged the two companies to operate and sell fuel based on prices that inure to the interest of Ghanaians.

The Chamber believes a stable currency will help address the issue of high fuel prices and called on the central bank to institute measures to stop the depreciation of the cedi.

The Chamber also urged the incoming government to put in some mitigating measures. “We further advice the incoming government to ensure the central role so far played by Ghana Oil Company (GOIL) in Ghana's deregulation environment is not in any way weakened or compromised as some OMCs have persistently demonstrated they will not hesitate in ripping the people off phenomenally if left to dictate the pace of pricing for Ghanaians”.