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Business News Mon, 27 Jan 2020

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Today in 2018: Fuel hikes affecting kenkey size – ICU

Two years ago, it was reported that the increment in petroleum products had an adverse impact on the pricing of foodstuff with a decrease in the size of a ball of GHC1 kenkey as evidence.

It was for this reason that the Chamber of Petroleum Consumer (COPEC) and the Industrial and Commercial Workers Union (ICU) pleaded with government to, as a matter of urgency, look into the situation by reducing the prices of fuel so Ghanaians could be economically free.

The situation of fuel increment is still the same as of January 18, 2020, fuel prices have gone up again.

Petrol as of Friday, January 17 was selling at GH¢5.50 per litre at various pumps, up GH¢9 pesewas from its previous price of GH¢5.41.

The marginal increase in the petroleum products has been attributed to the upsurge of the product on the commodity on the international market.

Read the full story originally published by classfmoline.com below:

The Chamber of Petroleum Consumers, Ghana (COPEC-Ghana) and the Industrial and Commercial Workers Union (ICU), have asked the government to reduce the prices of petroleum products.

According to the chamber and the union, the high prices of petroleum products have resulted in the prices of foodstuff, goods and services going up, a situation that COPEC says demands immediate attention from government.

A statement signed by Solomon Kotei, Vice-Chair of the Council of COPEC and General Secretary of the Industrial and Commercial Workers Union (ICU), said: “The net effect of these rampant pump price increases, is a corresponding increase in prices of foodstuff, goods and services, import duties and inflation generally, as basic necessities of life shoot up in the face of rather stagnant meagre incomes and salaries of the Ghanaian worker.

“Government, as a matter of urgency, will need to give Ghanaians some relief by reviewing the numerous taxes in the petroleum pricing build-up to bring about some stability and reductions to ease the pressures on our pockets.

“We encourage the Government to rather introduce new and ingenious ways of expanding the tax bracket to attract more revenue than the over-concentration on petroleum taxation. The government must proactively explore other revenue-generating sources for national development as the over-dependence on petroleum taxation affects every aspect of our lives and that of the economy generally because of its chain effects – not even the size and price of ‘kenkey’ is spared.”

Source: www.ghanaweb.com

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