The Chamber of Petroleum Consumers (COPEC) has expressed dissatisfaction with the recent reduction in fuel prices, describing the adjustment as “woefully inadequate” and failing to reflect current market realities.

Executive Secretary of COPEC, Duncan Amoah, in an interview with Citi Business News, argued that the price cuts at the pumps do not go far enough, especially given the strengthening cedi and lower prices from Bulk Distribution Companies (BDCs).

“The reduction that has been passed for the first window of June is good but woeful,” Amoah remarked.
“As of Friday, BDCs were selling petrol around GHȼ8 per litre and diesel between GHȼ8.50 – GHȼ9. If you add GHȼ3.27 in taxes and about 40–50 pesewas in OMC margins, pump prices should be around GHȼ11.70—not GHȼ12 or more. This suggests there’s a clear challenge in the pricing chain.”

The first pricing window of June has seen marginal drops at major filling stations. GOIL has reduced petrol to GH¢12.52/litre (from GH¢13.27) and diesel to GH¢12.98/litre (from GH¢13.87). Star Oil now offers petrol at GH¢11.77/litre and diesel at GH¢12.49/litre.

These reductions come on the back of cedi appreciation and moderating international oil prices, which have lowered import costs.

Despite the gains, COPEC insists that greater transparency and accountability in the fuel pricing structure are needed to ensure consumers benefit fully from favourable economic trends. The chamber is also calling on regulators to closely monitor pricing behaviour among Oil Marketing Companies (OMCs).