Story By: Akua Oteng Amponsah
The Chamber of Petroleum Consumers (COPEC) has criticized the recent fuel price reductions, describing them as “woefully inadequate” for consumers.
Executive Secretary Duncan Amoah said the reductions are good but not enough, given market developments and forex stability.
“The reduction that has been passed for the first window June is good but woeful,” he said. “As of Friday, you had BDCs selling around GHȼ8 a litre for petrol and between GHȼ8.50 – GHȼ 9 for diesel. If you add the cumulative tax incidence of GHȼ3.27 and the OMC margin of 40-50 pesewas a litre, you do not expect any OMC to do anything about GHȼ11.70 at this point. But you still have some selling at GHȼ12 and above. It tells you that there is clearly a challenge somewhere.”
Some fuel stations have started reducing prices, with state-owned GOIL lowering its pump prices to GH¢12.52 per litre for petrol and GH¢12.98 per litre for diesel. Star Oil has also reduced its prices to GH¢11.77 per litre for petrol and GH¢12.49 per litre for diesel.
The price drops are attributed to the recent appreciation of the cedi, which has eased import costs. More Oil Marketing
