COPEC-GH demands reduction in fuel prices

The Chamber of Petroleum Consumers Ghana (COPEC-GH) has asked Oil Marketing Companies (OMCs) operating in the country to review their pump prices downwards in the interest of the public.

According to COPEC-GH, a net reduction of between 3 and 8 percent by the OMCs would be deemed fair and reasonable considering the fact that “world oil prices over the past two weeks have declined from previous levels of almost $53/barrel to current levels of around $45.79/barrel, representing over 13.6 percent within the two weeks window.

COPEC-GH made the call in a statement issued by its Executive Secretary, Duncan Amoah.

“We are by this notice calling on the various oil marketing companies to, as a matter of fairness and public good, adjust pump prices downwards to commensurate with prevailing developments as far as ex-refinery prices indexes are concerned,” COPEC-GH disclosed in the statement.

It added that “for the avoidance of doubt, a net reduction of between 3 and 8 percent will be deemed to be fair and reasonable.

The first fuel price window for November 2016 commenced on the 1st but COPEC-GH reported that three clear days afterwards, pump prices of most OMCs remained unchanged from previously recorded increases.

“Local pump prices across most OMCs currently hover above previous general levels of 3.630 for petrol and 3.610 for diesel, most OMCs as at today are trading at between 3.680-3.745/litre though current world price levels and the expected direct net effects on pump prices seem not to be felt by the ordinary consumer,” according to COPEC-GH.

“We commended the various OMCs who have kept fate with the ordinary consumer throughout this year as we soon launch the annual ‘Consumer-OMC Awards 2016’ to duly reward these deserving OMCs.”